How Do I Know If I Have Bad Credit in Cambridge, MA?
When you apply for any type of loan, lenders in Massachusetts look at your credit score to decide the chances of you repaying it. Many factors influence your credit score, including any remaining loan balances, your repayment history, the number of open accounts you have, and the age of your credit accounts. While every Cambridge, MA lender has its own guidelines for what's considered a bad credit score, you may be seen as having bad credit if your score falls below 600. Lenders will also be nervous if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Cambridge, MA with Bad Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer is yes. But, financing a car in Cambridge, MA with bad credit won't necessarily be easy. First off, not every lender is willing to give a loan to someone with poor or no credit, so you may need to put in some extra hours to find a lender who will help with your financing. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you've found a lender in Massachusetts, you may notice your loan is impacted by your low credit score. A poor credit score can result in limited borrowing and higher interest rates. Higher interest rates will mean higher monthly payments and more spent over the life of the loan. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Cambridge loan could look like before you apply.
Do your potential interest rate and monthly payment have you worried? You might want to think about increasing your credit score before applying for auto loans in Cambridge, Massachusetts. Take a look at our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Cambridge, MA Poor Credit Car Loans
A bad credit score can raise your car loan rate, making it more critical than ever to compare costs to find the right deal in Cambridge, MA. At myAutoloan, we want to help you find the best loan — no matter your credit history. All you have to do is choose your offer type and fill out our secure, confidential application. We'll show you up to four loans in minutes so you can easily compare rates. Then, you can select the loan that looks best to you and head to your favorite Cambridge dealership 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 Cambridge, MA bad credit car loans!