What Is Considered Bad Credit in Covington, VA?
When you borrow money — like a car loan — lenders in Virginia use your credit score to decide the likelihood of you repaying it. Many factors influence your credit score, including the age of your credit accounts, the number of open accounts you have, any remaining loan balances, and your repayment history. While every Covington, VA lender has its own criteria for what’s considered a poor credit score, you could be seen as having bad credit if your score is less than 600. Lenders will also be nervous if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Get a Car Loan in Covington, VA If I Have Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. Still, it's going to be harder to finance a car with bad credit in Covington, VA. First off, not all lenders are willing to give a loan to someone with no or poor credit, so you may need to put in extra effort to find a lender willing to work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you've chosen a lender in Virginia, you may discover your loan is impacted by your low credit score. A poor credit score might limit your borrowing and lead to higher interest rates. This high interest rate will lead to higher monthly payments and more spent over the life of the loan. Tools like our Interest Rate Estimator and Payment Calculator can help you see an estimate for the monthly payment on your Covington loan before you apply.
Concerned about your possible interest rate and monthly payment? You should look into improving your credit score before applying for Covington, Virginia auto loans. View our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal on Bad Credit Car Loans in Covington, VA
A low credit score can raise your car loan rate, so it's more critical than ever to compare lending options and find the right deal in Covington, VA. At myAutoloan, we want to help you find the best loan — even without the best credit history. Simply choose your offer type and complete or confidential and secure application. We’ll show you up to four loans at a time so you can compare rates in minutes. Then, you can select the loan that looks best to you and visit any dealership in Covington with a loan in hand.
Why wait to get a new ride? Bad credit doesn't have to stop you. Apply now and compare up to four bad credit auto loans in Covington, VA through myAutoloan!