What Is Considered Bad Credit in Santa Barbara, 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 the number of open accounts you have, your repayment history, the age of your credit accounts, and any remaining loan balances. While each lender in Santa Barbara, CA has its own guidelines for what’s considered a poor credit score, you may be seen as having bad credit if your score sits under the 600 benchmark. Lenders will also be more cautious if you've experienced repossession, bankruptcy, or foreclosure.
Can I Still Get a Car Loan in Santa Barbara, 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 with bad credit in Santa Barbara, CA will come with some challenges. Most notably, not every lender feels comfortable giving loans to people with poor or no credit, so you may need to put in some extra hours 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 notice your low credit score affects your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. High interest rates also mean higher monthly payments and overall repayment. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Santa Barbara loan might look like before filling out an application.
Do your potential interest rate and monthly payment have you worried? You may want to contemplate raising your credit score before applying for Santa Barbara, California auto loans. Check out our Guide to Better Credit for Auto Financing to learn about credit scores and how you can quickly raise yours.
Find the Best Deal in Santa Barbara, CA for Bad Credit Car Loans
A low credit score can increase your car loan rate, making it more critical than ever to compare costs and find the right loan in Santa Barbara, CA. myAutoloan wants to help you find the best loan — regardless of your credit history. All you have to do is select your offer type and fill out our secure, confidential 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 visit any dealership in Santa Barbara with a check in hand.
Ready to purchase your next ride? Bad credit doesn't have to stop you. Apply now and compare up to four bad credit auto loans in Santa Barbara, CA through myAutoloan!