What Is Considered Bad Credit in Pompano Beach, FL?
When you apply for a car loan, mortgage, or another type of loan, lenders in Florida look at your credit score to evaluate the chances 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 Pompano Beach, FL lender has its own guidelines for what it deems a poor credit score, you are often seen as having bad credit if you have a score below 600. Lenders will also be more cautious if you’ve experienced bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Pompano Beach, FL with Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. However, financing a car with bad credit in Pompano Beach, FL will come with some challenges. 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. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you find a lender in Florida, you may notice 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. With our Interest Rate Estimator and Payment Calculator, you can see an estimate for the monthly payment on your Pompano Beach loan before completing an application.
Worried about your potential interest rate and monthly payment? You might want to think about raising your credit score before applying for auto loans in Pompano Beach, Florida. View our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal on Pompano Beach, FL Poor Credit Car Loans
A low 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 Pompano Beach, FL. myAutoloan wants to help you find the best loan — despite your credit history. All you have to do is choose your offer type and fill out our secure, confidential application. You'll see up to four loans at once so you can compare rates in minutes. After, you can select the loan that looks best to you and head to your favorite Pompano Beach dealership with cash in hand.
Why wait to get a new ride? Your poor credit doesn’t have to stop you. Apply now and compare up to four bad credit auto loans in Pompano Beach, FL through myAutoloan!