What Counts as Bad Credit in Woodbridge, 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. Many factors influence your credit score, including the age of your credit accounts, the number of open accounts you have, any remaining loan balances, and your repayment history. While each Woodbridge, VA lender has its own criteria for what's considered a low credit score, you are often seen as having bad credit if your score is less than 600. Lenders will also be nervous if you've gone through bankruptcy, repossession, or foreclosure.
Can I Get a Car Loan in Woodbridge, VA If I Have Bad 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. However, it's going to be harder to finance a car with bad credit in Woodbridge, VA. To begin with, not every lender feels comfortable giving loans to people with poor or no credit, so you may need to put in some extra hours to find a lender willing 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 discover your low credit score impacts your loan. A poor credit score might limit your borrowing and lead to higher interest rates. This high interest rate will lead to higher monthly payments and total repayment. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Woodbridge loan might look like before filling out an application.
Worried about your potential interest rate and monthly payment? You might want to look into boosting your credit score before you start applying for auto loans in Woodbridge, Virginia. Check out our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal in Woodbridge, VA for Bad Credit Car Loans
A low credit score can increase your car loan rate, so it's more critical than ever to compare costs and find the right loan in Woodbridge, VA. myAutoloan is here to help you find the best loan — regardless of your credit history. Simply choose your offer type and complete a confidential, secure application. You'll see up to four loans at once so you can compare rates in minutes. After, you can choose the best loan for you and head down to your go-to dealership in Woodbridge with a loan in hand.
Ready to purchase a new ride? Bad credit doesn't have to stop you. Apply today through myAutoloan and compare up to four Woodbridge, VA bad credit auto loans!