What Counts as Bad Credit in Covina, CA?
When you try to borrow money — like a car loan — lenders in California use your credit score to decide the chances of you repaying it. Many factors play 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 each Covina, CA lender has its own benchmarks for what it deems a poor credit score, you may be seen as having bad credit if your score is lower than 600. Lenders will also be nervous if you've experienced repossession, bankruptcy, or foreclosure.
Can I Get a Car Loan in Covina, CA If I Have Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. But, financing a car in Covina, CA with bad credit won't necessarily be easy. For starters, not every lender is willing to give a loan to someone with poor or no credit, so it may take some extra time to find a lender who will work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you've chosen a lender in California, you may see that your low credit score changes your loan. A poor credit score might limit your borrowing and lead to higher interest rates. High interest rates also mean larger monthly payments and overall loan costs. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Covina loan might be before even applying.
Concerned about your possible interest rate and monthly payment? You may want to think about boosting your credit score before applying for auto loans in Covina, California. 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 Covina, 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 costs to find the right deal in Covina, CA. At myAutoloan, we want to help you find the best loan — no matter your credit history. All you have to do is choose your offer type and complete or confidential and secure application. You'll see up to four loans at once so you can compare rates in minutes. To finish, you can select the loan that looks best to you and head to your favorite Covina dealership with cash in hand.
Need a new ride? Your poor credit doesn’t have to stop you. Apply through myAutoloan now and review up to four Covina, CA bad credit car loans!