What Counts as Bad Credit in Daly City, CA?
When you try to borrow money — like a car loan — California lenders use your credit score to decide the probability that you'll repay it. Your credit score is calculated using many factors, including the number of open accounts you have, your repayment history, the age of your credit accounts, and any remaining loan balances. While every Daly City, CA lender has its own criteria for what it considers a poor credit score, you could be seen as having bad credit if your score is less than 600. Lenders will also be nervous if you've experienced repossession, bankruptcy, or foreclosure.
Can I Get a Car Loan in Daly City, CA If I Have Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. Still, financing a car in Daly City, CA with bad credit won't necessarily be easy. To begin with, not every lender offers poor or no credit loans, so it may take some extra time to find a lender who will help with your financing. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you've found a lender in California, you may notice 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 higher monthly payments and overall loan costs. With our Interest Rate Estimator and Payment Calculator, you can see an estimate for the monthly payment on your Daly City loan 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 auto loans in Daly City, California. Study our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal in Daly City, CA for Bad Credit Car Loans
A low credit score can raise the rate on your car loan, so it's more critical than ever to compare costs to find the right deal in Daly City, CA. At myAutoloan, we want to help you find the best loan — even without the best credit history. All you have to do is choose your offer type and complete a confidential, secure application. You'll see up to four loans at once so you can compare rates in minutes. Then, you can select the loan that looks best to you and head to your favorite Daly City dealership with a loan in hand.
Ready to purchase your next ride? Bad credit doesn't have to stop you. Apply through myAutoloan now and review up to four Daly City, CA bad credit car loans!