How Do I Know If I Have Bad Credit in Phillipsburg, NJ?
When you apply for any type of loan, New Jersey lenders use your credit score to evaluate the likelihood of you repaying it. Many factors go into your credit score, including the number of open accounts you have, your repayment history, the age of your credit accounts, and any remaining loan balances. While each Phillipsburg, NJ lender will have its own guidelines for what it deems a poor credit score, you are often 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 Phillipsburg, NJ with Low Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. Still, it's going to be harder to finance a car with bad credit in Phillipsburg, NJ. First off, not all lenders are willing to give a loan to someone with no or poor credit, so you may need to spend some extra time finding a lender willing to work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you've chosen a lender in New Jersey, you may see that your low credit score changes your loan. A poor credit score can limit your borrowing and result in higher interest rates. High interest rates also mean higher monthly payments and more spent over the life of the loan. With our Interest Rate Estimator and Payment Calculator, you can see an estimate for the monthly payment on your Phillipsburg loan before you apply.
Concerned about your possible interest rate and monthly payment? You should look into raising your credit score before you apply for Phillipsburg, New Jersey car loans. Study 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 Phillipsburg, NJ
A bad credit score can increase the rate on your car loan, making it more critical than ever to compare lending options and find the right deal in Phillipsburg, NJ. myAutoloan wants to help you find the best loan — despite your credit history. All you need to do is select your offer type and complete a confidential, secure application. We'll show you up to four loans in minutes so you can easily compare rates. Then, you can select the best loan for you and head down to your go-to dealership in Phillipsburg with money in hand.
Ready to purchase your next ride? Your poor credit doesn’t have to stop you. Apply through myAutoloan now and review up to four Phillipsburg, NJ bad credit car loans!