What Is Considered Bad Credit in Hampton, VA?
When you apply for a car loan, mortgage, or another type of loan, Virginia lenders use your credit score to determine the chances of you repaying it. Your credit score is calculated using many factors, including the age of your credit accounts, the number of open accounts you have, any remaining loan balances, and your repayment history. While each lender in Hampton, VA has its own benchmarks for what it deems a poor credit score, you might be seen as having bad credit if your score falls below 600. Lenders will also be more cautious if you've experienced repossession, bankruptcy, or foreclosure.
Is it Possible to Get a Car Loan in Hampton, VA with Bad Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. Keep in mind, you'll likely face some challenges financing a car with bad credit in Hampton, VA. For starters, not every lender feels comfortable giving loans to people with poor or no credit, so you may need to put in extra effort to find a lender inclined to work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you've found a lender in Virginia, you may notice your low credit score affects your loan. A poor credit score might limit your borrowing and lead to higher interest rates. High interest rates also mean higher monthly payments and total repayment. Our Interest Rate Estimator and Payment Calculator can help you see an estimate for the monthly payment on your Hampton loan before completing an application.
Do your potential interest rate and monthly payment have you sweating? You should think about raising your credit score before you start applying for auto loans in Hampton, Virginia. View our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Hampton, VA Poor Credit Car Loans
A low credit score can raise your car loan rate, making it more crucial than ever to compare lending options and find the right deal in Hampton, VA. myAutoloan is here to help you find the best loan — despite your credit history. All you need to do is select your offer type and complete our secure, confidential application. We'll show you up to four loans in minutes so you can easily compare rates. Finally, you can choose the best loan for you and visit any dealership in Hampton with a loan in hand.
Need a new ride? Bad credit doesn't have to stop you. Apply today through myAutoloan and compare up to four Hampton, VA bad credit auto loans!