Do I Have Bad Credit in Auburn, ME?
When you apply for a car loan, mortgage, or another type of loan, Maine lenders use your credit score to figure out how likely you are to repay it. Many factors influence 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 each lender in Auburn, ME has its own guidelines for what’s considered a poor credit score, you could be seen as having bad credit if your score is lower than 600. Lenders will also be nervous if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Auburn, ME with Low Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. However, you'll likely face some challenges financing a car with bad credit in Auburn, ME. For starters, not every lender is willing to give a loan to someone with poor or no credit, so you may need to put in some extra hours to find a lender who will work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you find a lender in Maine, you may notice your low credit score changes your loan. A poor credit score can result in limited borrowing and higher interest rates. Higher interest rates will mean larger monthly payments and overall loan costs. Our Interest Rate Estimator and Payment Calculator can help you see an estimate for the monthly payment on your Auburn loan before completing an application.
Do your potential interest rate and monthly payment have you worried? You should contemplate raising your credit score before applying for Auburn, Maine auto loans. Take a look at 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 Auburn, ME for Bad Credit Car Loans
A bad credit score can raise the rate on your car loan, making it more critical than ever to compare costs to find the right deal in Auburn, ME. myAutoloan wants to help you find the best loan — even without the best credit history. Simply choose your offer type and complete our secure, confidential application. You'll see up to four loans at once so you can compare rates in minutes. Finally, you can select the right loan for you and head down to your go-to dealership in Auburn with cash in hand.
Need a new ride? Bad credit doesn't have to get in the way. Apply with myAutoloan today and compare up to four bad credit auto loans in Auburn, ME!