What Is Considered Bad Credit in Bangor, ME?
When you borrow money — like a car loan — lenders in Maine use your credit score to determine the probability that you'll repay it. Your credit score is calculated using many factors, including your repayment history, the number of accounts you have open, the age of your credit accounts, and any remaining loan balances. While every Bangor, ME lender has its own guidelines for what it considers a poor credit score, you could be seen as having bad credit if you have a score below 600. Lenders will also be wary if you have a history of bankruptcy, foreclosure, or repossession.
Is it Possible to Get a Car Loan in Bangor, ME 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?” Yes, you can. However, financing a car in Bangor, ME with bad credit won't necessarily be easy. Most notably, not every lender offers poor or no credit loans, so you may need to spend some extra time finding a lender willing to work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you find a lender in Maine, you may see that your low credit score changes your loan. A poor credit score might limit your borrowing and lead to higher interest rates. This high interest rate will also mean higher monthly payments and overall loan costs. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Bangor loan might be before filling out an application.
Do your potential interest rate and monthly payment have you worried? You might want to look into increasing your credit score before you start applying for auto loans in Bangor, Maine. 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 on Bad Credit Car Loans in Bangor, ME
A bad credit score can increase the rate on your car loan, making it more critical than ever to compare costs to find the right deal in Bangor, ME. At myAutoloan, we want to help you find the best loan — despite 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. After, you can choose the best loan for you and visit any dealership in Bangor with a check in hand.
Why wait to get a new ride? Bad credit doesn't have to stop you. Apply now and compare up to four bad credit auto loans in Bangor, ME through myAutoloan!