What Counts as Bad Credit in Johnston, RI?
When you apply for a car loan, mortgage, or another type of loan, Rhode Island lenders look at your credit score to decide how likely you are to repay it. Many factors go into your credit score, including the age of your credit accounts, the number of open accounts you have, any remaining loan balances, and your repayment history. While every Johnston, RI lender will have its own guidelines for what it considers a poor credit score, you might be seen as having bad credit if your score is less than 600. Lenders will also be worried if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Johnston, RI with Low 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, you'll likely face some challenges financing a car with bad credit in Johnston, RI. First off, 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 who will help with your financing. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you find a lender in Rhode Island, you may see that 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 larger monthly payments and overall loan costs. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Johnston loan might look like before you apply.
Worried about your potential interest rate and monthly payment? You may want to consider improving your credit score before you apply for Johnston, Rhode Island car loans. Check out our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal on Johnston, RI Poor Credit Car Loans
A bad credit score can raise your car loan rate, making it more critical than ever to compare costs to find the right deal in Johnston, RI. myAutoloan is here to help you find the best loan — even without the best credit history. All you have to do is choose your offer type and fill out our secure, confidential application. You'll see up to four loans at once so you can compare rates in minutes. After, you can select the right loan for you and visit any dealership in Johnston with a check in hand.
Need a new ride? Your poor credit doesn’t have to stop you. Apply today through myAutoloan and compare up to four Johnston, RI bad credit auto loans!