What Counts as Bad Credit in Torrance, CA?
When you borrow money — like a car loan — California lenders use your credit score to decide how likely you are to repay it. Your credit score is calculated using many factors, including the age of your credit accounts, the number of open accounts you have, any remaining loan balances, and your repayment history. While each Torrance, CA lender has its own benchmarks for what’s considered a poor credit score, you may be seen as having bad credit if you have a score below 600. Lenders will also be nervous if you've experienced repossession, bankruptcy, or foreclosure.
Can I Get a Car Loan in Torrance, CA If I Have Bad 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. But, you'll likely face some challenges financing a car with bad credit in Torrance, CA. First off, 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 who will work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
When you find a lender in California, you may discover your low credit score affects your loan. A poor credit score might limit your borrowing and lead to higher interest rates. Higher interest rates will mean larger monthly payments and total repayment. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Torrance loan might be before filling out an application.
Concerned about your possible interest rate and monthly payment? You should contemplate improving your credit score before you start applying for auto loans in Torrance, California. Take a look at our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal on Bad Credit Car Loans in Torrance, CA
A low credit score can raise your car loan rate, so it's more critical than ever to compare lenders in Torrance, CA and find the right deal. At myAutoloan, we want to help you find the best loan — regardless of your credit history. All you have to do is choose your offer type and complete our secure, confidential application. We'll show you up to four loans at once, allowing you to compare rates in minutes. To finish, you can select the right loan for you and head down to your go-to dealership in Torrance with a loan in hand.
Ready to purchase your next ride? Your poor credit doesn’t have to stop you. Apply through myAutoloan now and review up to four Torrance, CA bad credit car loans!