How Do I Know If I Have Bad Credit in Medford, MA?
When you try to borrow money — like a car loan — Massachusetts lenders use your credit score to evaluate how likely you are to repay it. Many factors go into your credit score, including the age of your credit accounts, the number of open accounts you have, any remaining loan balances, and your repayment history. While every Medford, MA lender has its own benchmarks for what's considered a low credit score, you are often seen as having bad credit if your score is less than 600. Lenders will also be more cautious if you've experienced repossession, bankruptcy, or foreclosure.
Can I Get a Car Loan in Medford, MA If I Have 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 simple answer is yes. Still, financing a car in Medford, MA with bad credit won't necessarily be easy. First off, 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 who will work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you've found a lender in Massachusetts, you may discover your low credit score impacts 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 loan costs. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Medford loan might be before filling out an application.
Do your potential interest rate and monthly payment have you sweating? You might want to consider improving your credit score before applying for Medford, Massachusetts auto loans. Check out our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal on Medford, MA Poor Credit Car Loans
A poor credit score can increase the rate on your car loan, so it's more critical than ever to compare costs and find the right loan in Medford, MA. At myAutoloan, we want to help you find the best loan — despite your credit history. Simply choose your offer type and complete our secure, confidential application. We'll show you up to four loans in minutes so you can easily compare rates. Finally, you can choose the best loan for you and head to your local Medford dealership with cash in hand.
Ready to purchase your next ride? Your poor credit doesn’t have to stop you. Apply today through myAutoloan and compare up to four Medford, MA bad credit auto loans!