What Counts as Bad Credit in Thousand Oaks, CA?
When you apply for a car loan, mortgage, or another type of loan, California lenders use your credit score to figure out the likelihood of you repaying 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 Thousand Oaks, CA has its own criteria for what's considered a bad credit score, you are often seen as having bad credit if your score sits under the 600 benchmark. Lenders will also be nervous if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Thousand Oaks, CA with Low 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, you'll likely face some challenges financing a car with bad credit in Thousand Oaks, CA. For starters, not every lender is willing to give a loan to someone with poor or no credit, so you may need to put in extra effort to find a lender willing to work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
When you find a lender in California, you may learn your loan is impacted by your low credit score. You may have limited borrowing power and a higher interest rate due to your poor credit score. This high interest rate will lead to larger monthly payments and overall repayment. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Thousand Oaks loan might be before filling out an application.
Do your potential interest rate and monthly payment have you sweating? You should consider improving your credit score before you start applying for auto loans in Thousand Oaks, California. Take a look at our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal on Thousand Oaks, CA Poor Credit Car Loans
A poor credit score can raise the rate on your car loan, making it more crucial than ever to compare lending options and find the right deal in Thousand Oaks, CA. myAutoloan is here to help you find the best loan — regardless of your credit history. All you have to do is 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. Finally, you can select the best loan for you and head to your local Thousand Oaks dealership with money in hand.
Ready to purchase a new ride? Poor credit shouldn't stop you. Apply now and compare up to four bad credit auto loans in Thousand Oaks, CA through myAutoloan!