What Is Considered Bad Credit in Gorham, NH?
When you borrow money — like a car loan — lenders in New Hampshire use your credit score to decide the probability that you'll repay it. Many factors play into 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 every lender in Gorham, NH has its own guidelines for what's considered a bad credit score, you may be seen as having bad credit if your score is lower than 600. Lenders will also be worried if you've gone through bankruptcy, repossession, or foreclosure.
Can I Get a Car Loan in Gorham, NH If I Have Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. Keep in mind, you'll likely face some challenges financing a car with bad credit in Gorham, NH. To begin with, not all lenders are willing to give a loan to someone with no or poor credit, so you may need to put in some extra hours to find a lender who will help with your financing. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you've found a lender in New Hampshire, you may learn your loan is impacted by your low credit score. A poor credit score might limit your borrowing and lead to higher interest rates. Higher interest rates will mean higher monthly payments and more spent over the life of the loan. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Gorham loan could look like before completing an application.
Concerned about your possible interest rate and monthly payment? You might want to consider raising your credit score before applying for auto loans in Gorham, New Hampshire. 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 Bad Credit Car Loans in Gorham, NH
A low credit score can increase the rate on your car loan, so it's more critical than ever to compare lending options and find the right deal in Gorham, NH. myAutoloan is here to help you find the best loan — no matter your credit history. All you need to do is select your offer type and fill out our secure, confidential application. We'll show you up to four loans at once, allowing you to compare rates in minutes. After, you can select the right loan for you and head to your local Gorham dealership with a check in hand.
Ready to purchase a new ride? Bad credit doesn't have to stop you. Apply through myAutoloan now and review up to four Gorham, NH bad credit car loans!