What Is Considered Bad Credit in Auburn, CA?
When you borrow money — like a car loan — lenders in California look at your credit score to figure out the likelihood of you repaying it. Your credit score is calculated using many factors, including any remaining loan balances, your repayment history, the number of open accounts you have, and the age of your credit accounts. While each Auburn, CA lender has its own guidelines for what's considered a low credit score, you might be seen as having bad credit if you have a score below 600. Lenders will also be worried if you've experienced repossession, bankruptcy, or foreclosure.
Can I Still Get a Car Loan in Auburn, CA with Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. But, it's going to be harder to finance a car with bad credit in Auburn, CA. Most notably, not every lender feels comfortable giving loans to people with poor or no credit, so it may take some extra time to find a lender who will work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you've chosen a lender in California, you may discover your loan is impacted by your low credit score. You may have limited borrowing power and a higher interest rate due to your poor credit score. This high interest rate will also mean larger monthly payments and total repayment. Tools like our Interest Rate Estimator and Payment Calculator can help you see an estimate for the monthly payment on your Auburn loan before even applying.
Worried about your potential interest rate and monthly payment? You might want to look into raising your credit score before you start applying for auto loans in Auburn, California. View 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 Auburn, CA Poor Credit Car Loans
A low credit score can increase the rate on your car loan, making it more crucial than ever to compare lending options and find the right deal in Auburn, CA. At myAutoloan, we want to help you find the best loan — no matter your credit history. All you have to do is select your offer type and complete our secure, confidential application. We'll show you up to four loans in minutes so you can easily compare rates. To finish, you can select the loan that looks best to you and head to your local Auburn dealership with cash in hand.
Need a new ride? Bad credit doesn't have to get in the way. Apply through myAutoloan now and review up to four Auburn, CA bad credit car loans!