What Counts as Bad Credit in Merced, CA?
When you apply for any type of loan, lenders in California look at your credit score to figure out the likelihood of you repaying it. Many factors play into your credit score, 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 Merced, CA will have its own guidelines for what’s considered a poor credit score, you are often seen as having bad credit if your score sits under the 600 benchmark. Lenders will also be more cautious if you've gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Merced, CA with Low 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 Merced, CA with bad credit won't necessarily be easy. For starters, not all lenders are willing to give a loan to someone with no or poor credit, so it may take some extra time 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've found a lender in California, you may discover your low credit score changes your loan. A poor credit score can result in limited borrowing and higher interest rates. This high interest rate will lead to higher monthly payments and overall repayment. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Merced loan might look like before you apply.
Do your potential interest rate and monthly payment have you worried? You may want to contemplate raising your credit score before applying for auto loans in Merced, California. Study our Guide to Better Credit for Auto Financing to learn about credit scores and how you can quickly raise yours.
Find the Best Deal on Merced, CA Poor Credit Car Loans
A bad credit score can raise your car loan rate, making it more important than ever to compare lenders in Merced, CA and find the right deal. myAutoloan is here to help you find the best loan — regardless of your credit history. Simply choose your offer type and complete or confidential and secure application. We'll show you up to four loans in minutes so you can easily compare rates. Then, you can select the right loan for you and head to your local Merced dealership with cash in hand.
Need a new ride? Poor credit shouldn't stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Merced, CA!