What Is Bad Credit?
For the most part, a FICO® Score of less than 620 qualifies as a bad credit score. Your FICO Score is a calculation of factors, including your payment history on past and current balances, as well as your total debt. However, the true definition of bad credit can vary based on the lender.
Some larger auto dealerships may not be able to properly find a bank that would approve a subprime credit auto loan, but if you come to Mr. Bill Motor Co., we may be able to help you secure an affordable auto loan -- even if you have bad credit.
How Does Bad Credit Affect Me?
A bad credit score can make it much more difficult to secure loans from lenders, or even impossible based on the length and amount of the loan. Be sure to speak with our expert used car financing team, so they can help you review your unique situation.
How Can I Improve My Credit Score?
Any late payments will remain on your credit report for up to seven years, and you're probably wondering how you can improve your credit score? There is one sure-fire way to improve your credit score, and that is to make your loan and bill payments on time. When you finance with Mr. Bill Motor Co., know that you can easily raise your credit score. We report to all three credit bureaus, which helps you get back on track and can help you build for your future.
Will Bad Credit Affect My Down Payment Requirement at a Dealership?
If you have a bad credit score, your credit score will not affect your down payment. Because we do in-house financing, your credit score is not a factor in the approval process.