How Do I Know If I Have Bad Credit in Franklin, MA?
When you try to borrow money — like a car loan — Massachusetts lenders use your credit score to decide how likely you are to 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 Franklin, MA lender will have its own guidelines for what's considered a bad credit score, you may be seen as having bad credit if you have a score below 600. Lenders will also be wary if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Franklin, MA 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? Yes. Keep in mind, financing a car in Franklin, MA with bad credit won't necessarily be easy. For starters, not every lender is willing to give a loan to someone with poor or no credit, so you may need to put in extra effort to find a lender willing to work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you find a lender in Massachusetts, you may discover your low credit score affects your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. This high interest rate will lead to higher monthly payments and overall repayment. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Franklin loan might look like before even applying.
Do your potential interest rate and monthly payment have you sweating? You may want to consider boosting your credit score before applying for Franklin, Massachusetts auto loans. Study our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Franklin, MA Poor Credit Car Loans
A low credit score can raise the rate on your car loan, making it more important than ever to compare costs to find the right deal in Franklin, MA. 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 fill out our secure, confidential application. You'll see up to four loans at once so you can compare rates in minutes. Then, you can select the loan that looks best to you and visit any dealership in Franklin with a loan 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 Franklin, MA through myAutoloan!