What Counts as Bad Credit in Phoenix, AZ?
When you try to borrow money — like a car loan — Arizona lenders look at your credit score to determine 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 every lender in Phoenix, AZ has its own benchmarks for what’s considered a poor credit score, you could be seen as having bad credit if your score falls below 600. Lenders will also be wary if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Phoenix, AZ 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 simple answer is yes. However, financing a car with bad credit in Phoenix, AZ will come with some challenges. First off, not every lender offers poor or no credit loans, so you may need to spend some extra time finding a lender who will work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you find a lender in Arizona, you may notice your low credit score impacts your loan. A poor credit score might limit your borrowing and lead to higher interest rates. High interest rates also mean higher monthly payments and more spent over the life of the loan. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Phoenix loan might look like before filling out an application.
Concerned about your possible interest rate and monthly payment? You may want to consider raising your credit score before applying for Phoenix, Arizona auto loans. 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 on Phoenix, AZ Poor Credit Car Loans
A bad credit score can increase the rate on your car loan, making it more important than ever to compare costs and find the right loan in Phoenix, AZ. myAutoloan wants to make sure you find the best loan — despite your credit history. All you have to do is choose your offer type and fill out our secure, confidential application. We'll show you up to four loans in minutes so you can easily compare rates. Finally, you can select the right loan for you and head to your local Phoenix dealership with a loan 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 Phoenix, AZ through myAutoloan!