What Is Considered Bad Credit in Abingdon, VA?
When you apply for a car loan, mortgage, or another type of loan, Virginia lenders look at your credit score to figure out the likelihood of you repaying it. Many factors play into your credit score, including any remaining loan balances, your repayment history, the number of open accounts you have, and the age of your credit accounts. While every Abingdon, VA lender has its own guidelines for what it considers a poor credit score, you are often seen as having bad credit if you have a score below 600. Lenders will also be nervous if you've experienced repossession, bankruptcy, or foreclosure.
Is it Possible to Get a Car Loan in Abingdon, VA with Bad Credit?
You’re not the first car buyer asking, “Can I get a car loan with a credit score of 600 or less?” The short answer is yes. But, it's going to be harder to finance a car with bad credit in Abingdon, VA. Most notably, not all lenders are willing to give a loan to someone with no or poor credit, so you may need to spend some extra time finding a lender inclined to work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you find a lender in Virginia, you may discover your low credit score impacts your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. This high interest rate will also mean higher monthly payments and total repayment. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Abingdon loan could look like before you apply.
Do your potential interest rate and monthly payment have you worried? You may want to think about improving your credit score before applying for Abingdon, Virginia auto loans. Study our Guide to Better Credit for Auto Financing to learn about credit scores and how you can quickly raise yours.
Find the Best Deal on Poor Credit Car Loans in Abingdon, VA
A poor credit score can raise the rate on your car loan, making it more critical than ever to compare costs and find the right loan in Abingdon, VA. myAutoloan wants to help you find the best loan — no matter your credit history. All you have to do is select your offer type and complete or confidential and secure application. You'll see up to four loans at once so you can compare rates in minutes. To finish, you can select the best loan for you and head to your favorite Abingdon dealership with money in hand.
Ready to purchase your next ride? Bad credit doesn't have to get in the way. Apply now and compare up to four bad credit auto loans in Abingdon, VA through myAutoloan!