What Counts as Bad Credit in New Castle, DE?
When you try to borrow money — like a car loan — Delaware lenders use your credit score to figure out how likely you are to repay 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 each lender in New Castle, DE has its own guidelines for what’s considered a poor credit score, you might be seen as having bad credit if you have a score below 600. Lenders will also be worried if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in New Castle, DE with Bad Credit?
Many car buyers 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 New Castle, DE. To begin with, not every lender offers poor or no credit loans, so you may need to put in some extra hours to find a lender willing to work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you've chosen a lender in Delaware, 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 higher monthly payments and more spent over the life of the loan. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your New Castle loan could look like before completing an application.
Do your potential interest rate and monthly payment have you worried? You should look into boosting your credit score before applying for auto loans in New Castle, Delaware. 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 in New Castle, DE for Bad Credit Car Loans
A low credit score can increase your car loan rate, making it more critical than ever to compare costs to find the right deal in New Castle, DE. myAutoloan is here to help you find the best loan — no matter your credit history. All you have to do is select your offer type and complete or confidential and secure application. You'll see up to four loans at once so you can compare rates in minutes. Finally, you can select the best loan for you and visit any dealership in New Castle with a loan in hand.
Need a new ride? Bad credit doesn't have to get in the way. Apply today through myAutoloan and compare up to four New Castle, DE bad credit auto loans!