Do I Have Bad Credit in Springfield, VA?
When you borrow money — like a car loan — lenders in Virginia look at your credit score to determine the probability that you'll repay it. Your credit score is calculated using many factors, including the number of open accounts you have, your repayment history, the age of your credit accounts, and any remaining loan balances. While every Springfield, VA lender has its own guidelines for what it considers a poor credit score, you might be seen as having bad credit if your score is less than 600. Lenders will also be wary if you've experienced repossession, bankruptcy, or foreclosure.
Is it Possible to Get a Car Loan in Springfield, VA with Bad Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. But, financing a car with bad credit in Springfield, VA will come with some challenges. To begin with, not all lenders are willing to give a loan to someone with no or poor credit, so you may need to spend some extra time finding a lender willing to work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
When you find a lender in Virginia, you may learn your low credit score changes your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. Higher interest rates will mean larger monthly payments and total repayment. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Springfield loan could look like before even applying.
Worried about your potential interest rate and monthly payment? You might want to look into boosting your credit score before applying for auto loans in Springfield, Virginia. Take a look at our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Springfield, VA Poor Credit Car Loans
A bad 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 Springfield, VA. myAutoloan is here to help you find the best loan — no matter your credit history. Simply choose your offer type and fill out our secure, confidential application. You'll see up to four loans at once so you can compare rates in minutes. Then, you can select the loan that looks best to you and visit any dealership in Springfield with money in hand.
Need a new ride? Bad credit doesn't have to stop you. Apply now and compare up to four bad credit auto loans in Springfield, VA through myAutoloan!