How Do I Know If I Have Bad Credit in Roanoke, VA?
When you try to borrow money — like a car loan — lenders in Virginia look at your credit score to figure out the probability that you'll 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 lender in Roanoke, VA has its own criteria for what’s considered a poor credit score, you could be seen as having bad credit if your score is lower than 600. Lenders will also be more cautious if you've gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Roanoke, 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 is yes. But, financing a car with bad credit in Roanoke, VA will come with some challenges. For starters, not every lender offers poor or no credit loans, so you may need to spend some extra time finding a lender inclined to work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
When you find a lender in Virginia, you may learn your low credit score affects your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. Higher interest rates will mean higher monthly payments and overall loan costs. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Roanoke loan could look like before even applying.
Do your potential interest rate and monthly payment have you worried? You should look into raising your credit score before applying for auto loans in Roanoke, Virginia. Check out 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 Roanoke, VA for Bad Credit Car Loans
A low credit score can raise the rate on your car loan, making it more crucial than ever to compare costs to find the right deal in Roanoke, VA. At myAutoloan, we want 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 choose the best loan for you and visit any dealership in Roanoke with a loan in hand.
Ready to purchase your next ride? Bad credit doesn't have to get in the way. Apply through myAutoloan now and review up to four Roanoke, VA bad credit car loans!