What Is Considered Bad Credit in West Warwick, RI?
When you apply for a car loan, mortgage, or another type of loan, lenders in Rhode Island look at your credit score to figure out how likely you are to repay it. Your credit score is calculated using many factors, including any remaining loan balances, your repayment history, the number of open accounts you have, and the age of your credit accounts. While every West Warwick, RI lender will have its own guidelines for what's considered a bad credit score, you are often seen as having bad credit if your score is lower than 600. Lenders will also be worried if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in West Warwick, RI with Low 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 with bad credit in West Warwick, RI will come with some challenges. First off, not every lender offers poor or no credit loans, so it may take some extra time to find a lender who will work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you've found a lender in Rhode Island, you may discover your low credit score affects your loan. A poor credit score can limit your borrowing and result in higher interest rates. High interest rates also mean larger monthly payments and overall loan costs. Use our Interest Rate Estimator and Payment Calculator to see an estimate for the monthly payment on your West Warwick loan before even applying.
Worried about your potential interest rate and monthly payment? You should look into raising your credit score before applying for West Warwick, Rhode Island auto loans. View our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Bad Credit Car Loans in West Warwick, RI
A low credit score can raise the rate on your car loan, making it more important than ever to compare costs to find the right deal in West Warwick, RI. myAutoloan wants to help you find the best loan — even without the best 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 select the best loan for you and head down to your go-to dealership in West Warwick with a check in hand.
Why wait to get a new ride? Poor credit shouldn't stop you. Apply through myAutoloan now and review up to four West Warwick, RI bad credit car loans!