What Is Considered Bad Credit in Tempe, AZ?
When you apply for a car loan, mortgage, or another type of loan, lenders in Arizona use your credit score to evaluate the likelihood of you repaying it. Many factors go into your credit score, including the number of open accounts you have, your repayment history, the age of your credit accounts, and any remaining loan balances. While each Tempe, AZ lender has its own guidelines for what's considered a low credit score, you could be seen as having bad credit if your score is lower than 600. Lenders will also be nervous if you have a history of bankruptcy, foreclosure, or repossession.
Is it Possible to Get a Car Loan in Tempe, AZ with 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?” Yes, you can. However, financing a car in Tempe, AZ with bad credit won't necessarily be easy. For starters, not every lender feels comfortable giving loans to people with poor or no credit, so you may need to put in extra effort to find a lender willing to work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
When you find a lender in Arizona, you may learn your loan is impacted by your low credit score. A poor credit score can result in limited borrowing and higher interest rates. Higher interest rates will mean larger monthly payments and overall repayment. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Tempe loan could look like before you apply.
Worried about your potential interest rate and monthly payment? You may want to think about improving your credit score before you apply for Tempe, Arizona car loans. Check out our Guide to Better Credit for Auto Financing to learn about credit scores and how you can quickly raise yours.
Find the Best Deal on Bad Credit Car Loans in Tempe, AZ
A low credit score can increase the rate on your car loan, making it more important than ever to compare lending options and find the right deal in Tempe, AZ. myAutoloan is here to help you find the best loan — no matter your credit history. All you have to do is select 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 head to your favorite Tempe dealership with cash in hand.
Ready to purchase your next ride? Bad credit doesn't have to get in the way. Apply now and compare up to four bad credit auto loans in Tempe, AZ through myAutoloan!