What Counts as Bad Credit in Augusta, ME?
When you try to borrow money — like a car loan — Maine lenders use your credit score to decide 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 every lender in Augusta, ME 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 lower than 600. Lenders will also be wary if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Augusta, ME with Low Credit?
You’re not the first car buyer asking, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. But, you'll likely face some challenges financing a car with bad credit in Augusta, ME. 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 willing to work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
When you find a lender in Maine, 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. Higher interest rates will mean higher monthly payments and total repayment. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Augusta loan might be before even applying.
Do your potential interest rate and monthly payment have you sweating? You might want to consider boosting your credit score before applying for Augusta, Maine 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 Augusta, ME Poor Credit Car Loans
A low credit score can increase your car loan rate, making it more critical than ever to compare lenders in Augusta, ME and find the right deal. myAutoloan is here to help you find the best loan — no matter your credit history. All you have to do is choose your offer type and complete our secure, confidential application. We'll show you up to four loans in minutes so you can easily compare rates. To finish, you can select the right loan for you and head to your favorite Augusta dealership with money in hand.
Ready to purchase a new ride? Poor credit shouldn't stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Augusta, ME!