What Is Considered Bad Credit in Buffalo, NY?
When you borrow money — like a car loan — New York lenders look at your credit score to evaluate the chances of you repaying it. Many factors play into your credit score, including any remaining loan balances, your repayment history, the number of open accounts you have, and the age of your credit accounts. While each lender in Buffalo, NY has its own benchmarks 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 worried if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Buffalo, NY 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. But, it's going to be harder to finance a car with bad credit in Buffalo, NY. Most notably, not all lenders are willing to give a loan to someone with no or poor credit, so you may need to put in extra effort to find a lender inclined to work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you've chosen a lender in New York, you may learn your low credit score changes your loan. A poor credit score can limit your borrowing and result in higher interest rates. Higher interest rates will mean higher monthly payments and overall repayment. Our Interest Rate Estimator and Payment Calculator can help you see an estimate for the monthly payment on your Buffalo loan before filling out an application.
Concerned about your possible interest rate and monthly payment? You might want to look into boosting your credit score before applying for Buffalo, New York auto loans. Check out our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Poor Credit Car Loans in Buffalo, NY
A poor credit score can raise the rate on your car loan, making it more critical than ever to compare lenders in Buffalo, NY and find the right deal. myAutoloan wants to help you find the best loan — regardless of your credit history. Simply 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. Finally, you can choose the best loan for you and head to your local Buffalo dealership with cash in hand.
Ready to purchase your next ride? Your poor credit doesn’t have to stop you. Apply now and compare up to four bad credit auto loans in Buffalo, NY through myAutoloan!