Do I Have Bad Credit in Yonkers, NY?
When you borrow money — like a car loan — New York lenders look at your credit score to determine how likely you are to repay 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 each lender in Yonkers, NY will have its own guidelines for what it considers a poor credit score, you may be seen as having bad credit if your score sits under the 600 benchmark. Lenders will also be wary if you’ve experienced bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Yonkers, NY with Bad Credit?
You're not the first car buyer to wonder, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. Still, financing a car in Yonkers, NY with bad credit won't necessarily be easy. For starters, not every lender feels comfortable giving loans to people with poor or no credit, so it may take some extra time to find a lender who will work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you've chosen a lender in New York, you may see that your low credit score changes your loan. A poor credit score can result in limited borrowing and higher interest rates. This high interest rate will also mean higher monthly payments and overall repayment. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Yonkers loan might look like before even applying.
Do your potential interest rate and monthly payment have you worried? You may want to think about increasing your credit score before you apply for Yonkers, New York car loans. Take a look at our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal in Yonkers, NY for Bad Credit Car Loans
A low credit score can increase the rate on your car loan, making it more important than ever to compare lenders in Yonkers, NY and find the right deal. myAutoloan is here to help you find the best loan — no matter your credit history. All you have to do is 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. Then, you can select the loan that looks best to you and head to your local Yonkers dealership with money in hand.
Need a new ride? Poor credit shouldn't stop you. Apply now and compare up to four bad credit auto loans in Yonkers, NY through myAutoloan!