What Is Considered Bad Credit in Clovis, NM?
When you borrow money — like a car loan — lenders in New Mexico use your credit score to evaluate the likelihood of you repaying it. Your credit score is calculated using many factors, including the age of your credit accounts, the number of open accounts you have, any remaining loan balances, and your repayment history. While every lender in Clovis, NM will have its own guidelines for what's considered a bad credit score, you could be seen as having bad credit if your score is less than 600. Lenders will also be nervous if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Clovis, NM with Bad Credit?
You’re not the first car buyer asking, “Can I get a car loan with a credit score of 600 or less?” The short answer is yes. However, financing a car with bad credit in Clovis, NM will come with some challenges. To begin with, not every lender offers poor or no credit loans, so it may take some extra time to find a lender willing to work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you've found a lender in New Mexico, you may notice your low credit score changes your loan. A poor credit score might limit your borrowing and lead to higher interest rates. Higher interest rates will mean higher monthly payments and total repayment. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Clovis loan could look like before you apply.
Worried about your potential interest rate and monthly payment? You might want to think about raising your credit score before applying for auto loans in Clovis, New Mexico. Check out our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal on Bad Credit Car Loans in Clovis, NM
A bad credit score can raise the rate on your car loan, making it more crucial than ever to compare lending options and find the right deal in Clovis, NM. myAutoloan is here to help you find the best loan — even without the best credit history. All you need to do is select your offer type and complete a confidential, secure application. You'll see up to four loans at once so you can compare rates in minutes. Then, you can select the loan that looks best to you and visit any dealership in Clovis with money in hand.
Need a new ride? Bad credit doesn't have to stop you. Apply today through myAutoloan and compare up to four Clovis, NM bad credit auto loans!