How Do I Know If I Have Bad Credit in Brewer, ME?
When you apply for a car loan, mortgage, or another type of loan, Maine lenders look at your credit score to determine the probability that you'll repay it. Many factors go into 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 Brewer, ME has its own criteria for what's considered a bad credit score, you are often seen as having bad credit if your score is less than 600. Lenders will also be worried if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Brewer, ME with Bad Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. However, financing a car with bad credit in Brewer, ME will come with some challenges. First off, 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. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you find a lender in Maine, you may see that your loan is impacted by your low credit score. A poor credit score can limit your borrowing and result in higher interest rates. Higher interest rates will mean higher monthly payments and overall loan costs. Tools like our Interest Rate Estimator and Payment Calculator can help you see an estimate for the monthly payment on your Brewer loan before even applying.
Do your potential interest rate and monthly payment have you worried? You should consider increasing your credit score before you apply for Brewer, Maine car loans. Study our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal on Bad Credit Car Loans in Brewer, ME
A bad credit score can raise your car loan rate, making it more important than ever to compare costs and find the right loan in Brewer, ME. myAutoloan wants to help you find the best loan — no matter your credit history. All you need to do is select your offer type and fill out our secure, confidential application. We’ll show you up to four loans at a time so you can compare rates in minutes. After, you can select the loan that looks best to you and head to your favorite Brewer dealership with a check in hand.
Why wait to get a new ride? Your poor credit doesn’t have to stop you. Apply now and compare up to four bad credit auto loans in Brewer, ME through myAutoloan!