What Counts as Bad Credit in Watertown, MA?
When you borrow money — like a car loan — lenders in Massachusetts use your credit score to determine the likelihood of you repaying 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 Watertown, MA lender has its own criteria for what's considered a low credit score, you could be seen as having bad credit if you have a score below 600. Lenders will also be nervous if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Watertown, MA with Low Credit?
You’re not the first car buyer asking, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. However, it's going to be harder to finance a car with bad credit in Watertown, MA. First off, not every lender feels comfortable giving loans to people with poor or no credit, so you may need to spend some extra time finding a lender who will work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you've chosen a lender in Massachusetts, you may discover your loan is impacted by your low credit score. A poor credit score can limit your borrowing and result in higher interest rates. High interest rates also mean higher monthly payments and total repayment. Our Interest Rate Estimator and Payment Calculator can help you see an estimate for the monthly payment on your Watertown loan before you apply.
Worried about your potential interest rate and monthly payment? You may want to look into increasing your credit score before you apply for Watertown, Massachusetts car loans. Check out our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal in Watertown, MA for Bad Credit Car Loans
A poor credit score can raise the rate on your car loan, making it more critical than ever to compare lenders in Watertown, MA and find the right deal. At myAutoloan, we want to help you find the best loan — even without the best credit history. All you have to do is select 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. To finish, you can select the loan that looks best to you and head to your local Watertown dealership with a check in hand.
Need a new ride? Bad credit doesn't have to get in the way. Apply through myAutoloan now and review up to four Watertown, MA bad credit car loans!