What Counts as Bad Credit in Henrico, VA?
When you try to borrow money — like a car loan — lenders in Virginia look at your credit score to decide how likely you are to repay it. Many factors influence 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 lender in Henrico, VA has its own guidelines for what’s considered 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.
Can I Still Get a Car Loan in Henrico, VA with Low Credit?
You're not the first car buyer to wonder, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. Keep in mind, you'll likely face some challenges financing a car with bad credit in Henrico, 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 some extra hours to find a lender willing to work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you've chosen a lender in Virginia, you may notice your low credit score affects your loan. A poor credit score can result in limited borrowing and higher interest rates. This high interest rate will lead to higher monthly payments and overall loan costs. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Henrico loan could look like before filling out an application.
Worried about your potential interest rate and monthly payment? You should consider boosting your credit score before you start applying for auto loans in Henrico, Virginia. Study our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Bad Credit Car Loans in Henrico, VA
A bad credit score can increase the rate on your car loan, so it's more critical than ever to compare costs to find the right deal in Henrico, VA. myAutoloan is here to help you find the best loan — regardless of your credit history. All you have to do is select your offer type and complete our secure, confidential application. We'll show you up to four loans at once, allowing you to compare rates in minutes. Then, you can select the best loan for you and visit any dealership in Henrico with cash in hand.
Ready to purchase your next ride? Bad credit doesn't have to stop you. Apply today through myAutoloan and compare up to four Henrico, VA bad credit auto loans!