What Counts as Bad Credit in Newton, IA?
When you apply for any type of loan, Iowa lenders use your credit score to decide the probability that you'll repay it. Many factors influence 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 Newton, IA will have its own guidelines for what's considered a low credit score, you may be seen as having bad credit if your score is less than 600. Lenders will also be wary if you’ve experienced bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Newton, IA with Bad Credit?
You’re not the first car buyer asking, “Can I get a car loan with a credit score of 600 or less?” The short answer is yes. However, it's going to be harder to finance a car with bad credit in Newton, IA. To begin with, 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 willing to work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
When you find a lender in Iowa, you may notice your low credit score changes your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. 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 an estimate for the monthly payment on your Newton loan before completing an application.
Concerned about your possible interest rate and monthly payment? You may want to look into increasing your credit score before you start applying for auto loans in Newton, Iowa. View our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal in Newton, IA for Bad Credit Car Loans
A bad credit score can raise your car loan rate, making it more important than ever to compare costs to find the right deal in Newton, IA. myAutoloan wants to help you find the best loan — no matter your credit history. Simply choose your offer type and complete our secure, confidential application. We’ll show you up to four loans at a time so you can compare rates in minutes. After, you can select the best loan for you and head down to your go-to dealership in Newton with a check in hand.
Ready to purchase a new ride? Poor credit shouldn't stop you. Apply today through myAutoloan and compare up to four Newton, IA bad credit auto loans!