What Is Considered Bad Credit in Newport, RI?
When you apply for any type of loan, Rhode Island lenders use your credit score to determine the chances of you repaying it. Many factors go into your credit score, including your repayment history, the number of accounts you have open, the age of your credit accounts, and any remaining loan balances. While each Newport, RI lender has its own criteria for what’s considered a poor credit score, you might be seen as having bad credit if you have a score below 600. Lenders will also be more cautious if you’ve experienced bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Newport, RI 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 is yes. Still, financing a car with bad credit in Newport, RI will come with some challenges. For starters, not every lender feels comfortable giving loans to people with poor or no credit, so you may need to spend some extra time finding a lender who will work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you find a lender in Rhode Island, you may learn your low credit score impacts your loan. A poor credit score can limit your borrowing and result in higher interest rates. High interest rates also mean higher monthly payments and overall repayment. Use our Interest Rate Estimator and Payment Calculator to see an estimate for the monthly payment on your Newport loan before filling out an application.
Do your potential interest rate and monthly payment have you sweating? You should think about increasing your credit score before applying for auto loans in Newport, Rhode Island. View 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 Newport, RI for Bad Credit Car Loans
A bad credit score can raise the rate on your car loan, so it's more critical than ever to compare costs and find the right loan in Newport, RI. myAutoloan is here to help you find the best loan — no matter 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 in minutes so you can easily compare rates. Then, you can choose the best loan for you and head to your favorite Newport dealership with cash in hand.
Why wait to get a new ride? Bad credit doesn't have to stop you. Apply today through myAutoloan and compare up to four Newport, RI bad credit auto loans!