What Counts as Bad Credit in Lincoln, RI?
When you apply for a car loan, mortgage, or another type of loan, lenders in Rhode Island look at your credit score to determine the probability that you'll repay it. Many factors go 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 every Lincoln, RI lender has its own criteria for what's considered a bad credit score, you might be seen as having bad credit if your score sits under the 600 benchmark. Lenders will also be wary if you've gone through bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Lincoln, RI with Bad Credit?
You’re not the first car buyer asking, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. Still, you'll likely face some challenges financing a car with bad credit in Lincoln, RI. First off, not all lenders are willing to give a loan to someone with no or poor credit, so you may need to put in some extra hours to find a lender inclined to work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
When you find a lender in Rhode Island, you may notice your loan is impacted by your low credit score. A poor credit score can result in limited borrowing and higher interest rates. This high interest rate will lead to higher monthly payments and more spent over the life of the loan. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Lincoln loan might look like before even applying.
Worried about your potential interest rate and monthly payment? You should look into increasing your credit score before applying for Lincoln, Rhode Island auto loans. Study our Guide to Better Credit for Auto Financing to learn about credit scores and how you can quickly raise yours.
Find the Best Deal on Poor Credit Car Loans in Lincoln, RI
A bad 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 Lincoln, RI. myAutoloan wants to help you find the best loan — regardless of your credit history. All you have to do is select your offer type and fill out our secure, confidential 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 Lincoln dealership with a loan in hand.
Ready to purchase a new ride? Your poor credit doesn’t have to stop you. Apply through myAutoloan now and review up to four Lincoln, RI bad credit car loans!