How Do I Know If I Have Bad Credit in Folsom, CA?
When you borrow money — like a car loan — lenders in California look at your credit score to evaluate the chances 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 Folsom, CA lender will have its own guidelines for what's considered a low credit score, you may 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 Folsom, CA with 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 Folsom, CA with bad credit won't necessarily be easy. To begin with, 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 who will help with your financing. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you've chosen a lender in California, you may discover your low credit score impacts your loan. A poor credit score can result in limited borrowing and higher interest rates. This high interest rate will also mean higher monthly payments and total repayment. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Folsom loan could look like before you apply.
Worried about your potential interest rate and monthly payment? You should contemplate increasing your credit score before you start applying for auto loans in Folsom, California. Study our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal in Folsom, CA for Bad Credit Car Loans
A low credit score can increase the rate on your car loan, making it more crucial than ever to compare lenders in Folsom, CA and find the right deal. myAutoloan wants to make sure you find the best loan — regardless of your credit history. All you have to do is choose 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. Then, you can choose the best loan for you and head to your favorite Folsom dealership with cash in hand.
Ready to purchase your next ride? Your poor credit doesn’t have to stop you. Apply through myAutoloan now and review up to four Folsom, CA bad credit car loans!