What Counts as Bad Credit in Montvale, NJ?
When you borrow money — like a car loan — New Jersey lenders look at your credit score to evaluate how likely you are to repay it. Your credit score is calculated using many factors, including any remaining loan balances, your repayment history, the number of open accounts you have, and the age of your credit accounts. While each Montvale, NJ lender has its own criteria for what it deems a poor credit score, you might be seen as having bad credit if you have a score below 600. Lenders will also be more cautious if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Montvale, NJ with Bad Credit?
You're not the first car buyer to wonder, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. Keep in mind, financing a car with bad credit in Montvale, NJ will come with some challenges. For starters, not every lender feels comfortable giving loans to people with poor or no credit, so it may take some extra time 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 find a lender in New Jersey, you may discover your low credit score affects your loan. A poor credit score can result in limited borrowing and higher interest rates. This high interest rate will lead to 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 Montvale loan could look like before you apply.
Concerned about your possible interest rate and monthly payment? You may want to look into boosting your credit score before applying for Montvale, New Jersey auto loans. View our Guide to Better Credit for Auto Financing to learn about credit scores and how you can quickly raise yours.
Find the Best Deal on Poor Credit Car Loans in Montvale, NJ
A bad credit score can raise the rate on your car loan, so it's more critical than ever to compare costs to find the right deal in Montvale, NJ. myAutoloan wants to help you find the best loan — no matter your credit history. All you have to do is choose your offer type and complete a confidential, secure application. We'll show you up to four loans at once, allowing you to compare rates in minutes. After, you can select the best loan for you and head to your local Montvale dealership with cash 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 Montvale, NJ bad credit car loans!