What Counts as Bad Credit in Escondido, CA?
When you apply for any type of loan, lenders in California use your credit score to decide 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 every lender in Escondido, CA will have its own guidelines for what's considered a bad credit score, you are often 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.
Can I Still Get a Car Loan in Escondido, CA 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?” The simple answer is yes. However, financing a car in Escondido, CA with bad credit won't necessarily be easy. Most notably, not every lender is willing to give a loan to someone with poor or no credit, so you may need to put in extra effort to find a lender inclined to work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you find a lender in California, you may notice your loan is impacted by your low credit score. A poor credit score might limit your borrowing and lead to higher interest rates. This high interest rate will lead to higher monthly payments and overall loan costs. Tools like our Interest Rate Estimator and Payment Calculator can help you see an estimate for the monthly payment on your Escondido loan before even applying.
Do your potential interest rate and monthly payment have you worried? You may want to contemplate improving your credit score before you start applying for auto loans in Escondido, 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 Escondido, CA for Bad Credit Car Loans
A poor credit score can raise your car loan rate, so it's more critical than ever to compare lending options and find the right deal in Escondido, CA. myAutoloan is here to help you find the best loan — even without the best credit history. All you need to do is select your offer type and fill out our secure, confidential application. We’ll show you up to four loans at a time so you can compare rates in minutes. After, you can select the best loan for you and head to your favorite Escondido dealership with money 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 Escondido, CA through myAutoloan!