What Counts as Bad Credit in Utica, NY?
When you apply for a car loan, mortgage, or another type of loan, lenders in New York use your credit score to determine the likelihood of you repaying it. Many factors influence 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 every Utica, NY lender has its own criteria for what's considered a bad credit score, you may be seen as having bad credit if your score falls below 600. Lenders will also be more cautious if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Utica, NY with Low Credit?
Many car buyers have asked, “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 Utica, NY will come with some challenges. Most notably, not all lenders are willing to give a loan to someone with no or poor credit, so it may take some extra time to find a lender willing to work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you've found a lender in New York, you may learn your loan is impacted by your low credit score. A poor credit score can result in limited borrowing and higher interest rates. High interest rates also mean larger monthly payments and overall loan costs. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Utica loan might look like before you apply.
Do your potential interest rate and monthly payment have you sweating? You may want to look into raising your credit score before you apply for Utica, New York car loans. Check out our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal in Utica, NY for Bad Credit Car Loans
A poor credit score can raise the rate on your car loan, making it more crucial than ever to compare costs and find the right loan in Utica, NY. myAutoloan wants to make sure you find the best loan — regardless of your credit history. Simply choose your offer type and complete our secure, confidential application. We'll show you up to four loans in minutes so you can easily compare rates. To finish, you can select the right loan for you and head down to your go-to dealership in Utica with cash in hand.
Need a new ride? Bad credit doesn't have to get in the way. Apply with myAutoloan today and compare up to four bad credit auto loans in Utica, NY!