What Counts as Bad Credit in Rochester, NY?
When you try to borrow money — like a car loan — lenders in New York look at your credit score to figure out the probability that you'll repay 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 Rochester, NY will have its own guidelines for what it deems a poor credit score, you may be seen as having bad credit if your score is lower than 600. Lenders will also be more cautious if you've gone through bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Rochester, NY with Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer is yes. Still, it's going to be harder to finance a car with bad credit in Rochester, NY. To begin with, not every lender is willing to give a loan to someone with poor or no credit, so you may need to put in some extra hours to find a lender who will work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you find a lender in New York, you may notice your low credit score impacts your loan. A poor credit score might limit your borrowing and lead to higher interest rates. This high interest rate will also mean higher monthly payments and total repayment. Our Interest Rate Estimator and Payment Calculator can help you see an estimate for the monthly payment on your Rochester loan before completing an application.
Concerned about your possible interest rate and monthly payment? You may want to consider improving your credit score before applying for Rochester, New York auto loans. Take a look at our Guide to Better Credit for Auto Financing to learn about credit scores and how you can quickly raise yours.
Find the Best Deal in Rochester, NY for Bad Credit Car Loans
A bad credit score can increase the rate on your car loan, making it more critical than ever to compare lenders in Rochester, NY and find the right deal. myAutoloan wants to help you find the best loan — even without the best credit history. Simply choose your offer type and fill out our secure, confidential application. We’ll show you up to four loans at a time so you can compare rates in minutes. Then, you can choose the best loan for you and head to your favorite Rochester dealership with cash in hand.
Ready to purchase your next ride? Poor credit shouldn't stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Rochester, NY!