What Is Considered Bad Credit in Medford, WI?
When you borrow money — like a car loan — lenders in Wisconsin use your credit score to decide the chances of you repaying it. Many factors go into your credit score, including your repayment history, the number of accounts you have open, the age of your credit accounts, and any remaining loan balances. While every lender in Medford, WI has its own guidelines for what's considered a low credit score, you might be seen as having bad credit if your score falls below 600. Lenders will also be worried if you've gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Medford, WI with Low 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 short answer? Yes. However, you'll likely face some challenges financing a car with bad credit in Medford, WI. First off, not every lender is willing to give a loan to someone with poor or no credit, so you may need to put in extra effort to find a lender inclined to work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
When you find a lender in Wisconsin, you may see that your low credit score affects 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 total repayment. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Medford loan might be before completing an application.
Worried about your potential interest rate and monthly payment? You should consider raising your credit score before applying for auto loans in Medford, Wisconsin. Take a look at our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal on Poor Credit Car Loans in Medford, WI
A low credit score can raise the rate on your car loan, making it more critical than ever to compare lending options and find the right deal in Medford, WI. myAutoloan is here to help you find the best loan — even without the best credit history. Simply choose your offer type and complete a confidential, secure application. We'll show you up to four loans in minutes so you can easily compare rates. After, you can select the loan that looks best to you and visit any dealership in Medford with cash in hand.
Need a new ride? Bad credit doesn't have to stop you. Apply through myAutoloan now and review up to four Medford, WI bad credit car loans!