What Counts as Bad Credit in Santa Monica, CA?
When you try to borrow money — like a car loan — California lenders look at 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 Santa Monica, CA lender has its own benchmarks for what's considered a low credit score, you may be seen as having bad credit if your score is less than 600. Lenders will also be worried if you've gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Santa Monica, 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 short answer? Yes. Keep in mind, financing a car in Santa Monica, 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. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you've chosen a lender in California, you may see that your low credit score affects your loan. A poor credit score can limit your borrowing and result in higher interest rates. Higher interest rates will mean 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 Santa Monica loan before filling out an application.
Do your potential interest rate and monthly payment have you worried? You should think about increasing your credit score before applying for auto loans in Santa Monica, California. View 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 Bad Credit Car Loans in Santa Monica, CA
A poor credit score can raise the rate on your car loan, making it more important than ever to compare lending options and find the right deal in Santa Monica, CA. At myAutoloan, we want to help you find the best loan — no matter your credit history. Simply choose your offer type and complete a confidential, secure application. You'll see up to four loans at once so you can compare rates in minutes. Then, you can select the best loan for you and head to your local Santa Monica dealership with a check in hand.
Ready to purchase a new ride? Poor credit shouldn't stop you. Apply today through myAutoloan and compare up to four Santa Monica, CA bad credit auto loans!