What Counts as Bad Credit in Norfolk, VA?
When you borrow money — like a car loan — lenders in Virginia look at your credit score to determine how likely you are to repay 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 every Norfolk, VA lender has its own benchmarks for what's considered a bad credit score, you may be seen as having bad credit if your score falls below 600. Lenders will also be worried if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Norfolk, 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, it's going to be harder to finance a car with bad credit in Norfolk, VA. Most notably, not all lenders are willing to give a loan to someone with no or poor credit, so it may take some extra time 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 learn your low credit score changes your loan. A poor credit score might limit your borrowing and lead to higher interest rates. High interest rates also mean larger monthly payments and overall loan costs. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Norfolk loan might be before filling out an application.
Worried about your potential interest rate and monthly payment? You might want to think about improving your credit score before you start applying for auto loans in Norfolk, Virginia. View our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal on Bad Credit Car Loans in Norfolk, VA
A poor credit score can increase the rate on your car loan, making it more important than ever to compare costs and find the right loan in Norfolk, 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 a confidential, secure application. We’ll show you up to four loans at a time so you can compare rates in minutes. After, you can select the right loan for you and head down to your go-to dealership in Norfolk with cash in hand.
Need a new ride? Poor credit shouldn't stop you. Apply now and compare up to four bad credit auto loans in Norfolk, VA through myAutoloan!