What Counts as Bad Credit in Farmington, ME?
When you apply for any type of loan, Maine lenders use your credit score to evaluate the chances of you repaying it. Many factors play 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 Farmington, ME has its own criteria for what's considered a bad credit score, you might be seen as having bad credit if your score is lower than 600. Lenders will also be worried if you've gone through bankruptcy, repossession, or foreclosure.
Can I Get a Car Loan in Farmington, ME If I Have 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?” The short answer is yes. Still, financing a car in Farmington, ME with bad credit won't necessarily be easy. To begin with, not every lender is willing to give a loan to someone with poor or no credit, so you may need to put in extra effort to find a lender inclined to work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you find a lender in Maine, you may notice your loan is impacted by your low credit score. A poor credit score can limit your borrowing and result in higher interest rates. This high interest rate will lead to larger monthly payments and overall repayment. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Farmington loan might be before you apply.
Concerned about your possible interest rate and monthly payment? You might want to consider increasing your credit score before you start applying for auto loans in Farmington, Maine. Check out 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 Poor Credit Car Loans in Farmington, ME
A low credit score can raise your car loan rate, making it more critical than ever to compare lenders in Farmington, ME and find the right deal. At myAutoloan, we want to help you find the best loan — even without the best credit history. All you need to do is select your offer type and complete a confidential, secure application. We’ll show you up to four loans at a time so you can compare rates in minutes. To finish, you can select the right loan for you and head to your favorite Farmington dealership with cash in hand.
Ready to purchase your next ride? Your poor credit doesn’t have to stop you. Apply now and compare up to four bad credit auto loans in Farmington, ME through myAutoloan!