What Counts as Bad Credit in Lakewood, NJ?
When you apply for any type of loan, New Jersey lenders look at your credit score to determine 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 each lender in Lakewood, NJ has its own benchmarks for what it considers a poor credit score, you are often seen as having bad credit if your score is less than 600. Lenders will also be worried if you’ve experienced bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Lakewood, NJ with Bad Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. However, financing a car in Lakewood, NJ with bad credit won't necessarily be easy. For starters, 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. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you've chosen a lender in New Jersey, 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 also mean higher monthly payments and more spent over the life of the loan. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Lakewood loan might look like before even applying.
Concerned about your possible interest rate and monthly payment? You might want to consider improving your credit score before you start applying for auto loans in Lakewood, New Jersey. Check out our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal on Bad Credit Car Loans in Lakewood, NJ
A poor credit score can raise your car loan rate, making it more crucial than ever to compare costs and find the right loan in Lakewood, NJ. At myAutoloan, we want to help you find the best loan — no matter your credit history. Simply choose your offer type and complete our secure, confidential application. You'll see up to four loans at once so you can compare rates in minutes. After, you can select the right loan for you and visit any dealership in Lakewood with cash in hand.
Why wait to get a new ride? Your poor credit doesn’t have to stop you. Apply today through myAutoloan and compare up to four Lakewood, NJ bad credit auto loans!