What Is Considered Bad Credit in Lexington, VA?
When you apply for a car loan, mortgage, or another type of loan, Virginia lenders use your credit score to evaluate the likelihood 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 Lexington, VA lender has its own benchmarks for what's considered a bad credit score, you are often seen as having bad credit if your score is lower than 600. Lenders will also be nervous if you've experienced repossession, bankruptcy, or foreclosure.
Can I Still Get a Car Loan in Lexington, VA with Low Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. However, you'll likely face some challenges financing a car with bad credit in Lexington, VA. To begin with, not every lender offers poor or no credit loans, so it may take some extra time to find a lender inclined to work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
When you find a lender in Virginia, you may see that your low credit score impacts your loan. A poor credit score can limit your borrowing and result in higher interest rates. This high interest rate will lead to higher monthly payments and overall repayment. Tools like our Interest Rate Estimator and Payment Calculator can help you see an estimate for the monthly payment on your Lexington loan before completing an application.
Do your potential interest rate and monthly payment have you sweating? You may want to look into boosting your credit score before applying for auto loans in Lexington, Virginia. View our Guide to Better Credit for Auto Financing to learn about credit scores and how you can quickly raise yours.
Find the Best Deal in Lexington, VA for Bad Credit Car Loans
A poor credit score can increase your car loan rate, making it more important than ever to compare lenders in Lexington, VA and find the right deal. At myAutoloan, we want to help you find the best loan — no matter your credit history. Simply choose 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. After, you can select the best loan for you and head to your local Lexington dealership with a check in hand.
Why wait to get a new ride? Poor credit shouldn't stop you. Apply today through myAutoloan and compare up to four Lexington, VA bad credit auto loans!