How Do I Know If I Have Bad Credit in Monterey Park, CA?
When you try to borrow money — like a car loan — California lenders look at your credit score to figure out how likely you are to repay it. Many factors go 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 every lender in Monterey Park, CA has its own criteria for what's considered a low credit score, you may be seen as having bad credit if your score is lower than 600. Lenders will also be worried if you've gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Monterey Park, CA with Bad Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. But, financing a car with bad credit in Monterey Park, CA will come with some challenges. For starters, not every lender offers poor or no credit loans, so you may need to put in some extra hours to find a lender willing to work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you find a lender in California, you may discover your loan is impacted by your low credit score. A poor credit score can result in limited borrowing and higher interest rates. This high interest rate will also mean higher monthly payments and overall repayment. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Monterey Park loan might be before filling out an application.
Worried about your potential interest rate and monthly payment? You may want to consider increasing your credit score before you start applying for auto loans in Monterey Park, California. View our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Bad Credit Car Loans in Monterey Park, CA
A low credit score can increase the rate on your car loan, so it's more critical than ever to compare costs and find the right loan in Monterey Park, CA. At myAutoloan, we want to help you find the best loan — even without the best credit history. All you have to do is select 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. Finally, you can select the best loan for you and visit any dealership in Monterey Park with a loan in hand.
Why wait to get a new ride? Poor credit shouldn't stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Monterey Park, CA!