What Counts as Bad Credit in Enfield, CT?
When you apply for any type of loan, lenders in Connecticut use your credit score to evaluate the probability that you'll repay it. Your credit score is calculated using many factors, including your repayment history, the number of accounts you have open, the age of your credit accounts, and any remaining loan balances. While each lender in Enfield, CT has its own guidelines for what it considers a poor credit score, you could be seen as having bad credit if you have a score below 600. Lenders will also be nervous if you have a history of bankruptcy, foreclosure, or repossession.
Is it Possible to Get a Car Loan in Enfield, CT 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. Keep in mind, you'll likely face some challenges financing a car with bad credit in Enfield, CT. First off, not every lender offers poor or no credit loans, so you may need to spend some extra time finding a lender who will help with your financing. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you've chosen a lender in Connecticut, you may see that your low credit score impacts your loan. A poor credit score can result in limited borrowing and higher interest rates. This high interest rate will also mean higher monthly payments and more spent over the life of the loan. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Enfield loan might look like before filling out an application.
Do your potential interest rate and monthly payment have you worried? You may want to consider raising your credit score before you start applying for auto loans in Enfield, Connecticut. Check out our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal in Enfield, CT for Bad Credit Car Loans
A poor credit score can raise the rate on your car loan, making it more important than ever to compare lenders in Enfield, CT and find the right deal. myAutoloan is here to help you find the best loan — despite 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 at once, allowing you to compare rates in minutes. Finally, you can select the loan that looks best to you and visit any dealership in Enfield with a loan in hand.
Need a new ride? Your poor credit doesn’t have to stop you. Apply through myAutoloan now and review up to four Enfield, CT bad credit car loans!