What Counts as Bad Credit in Lincoln, ME?
When you apply for a car loan, mortgage, or another type of loan, Maine lenders use your credit score to decide the chances of you repaying 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 Lincoln, ME has its own benchmarks for what's considered a low credit score, you are often seen as having bad credit if your score is less than 600. Lenders will also be more cautious if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Get a Car Loan in Lincoln, 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 simple answer is yes. Still, financing a car in Lincoln, ME with bad credit won't necessarily be easy. 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 help with your financing. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you find a lender in Maine, you may see that your low credit score impacts your loan. A poor credit score can limit your borrowing and result in higher interest rates. This high interest rate will also mean higher monthly payments and overall loan costs. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Lincoln loan might be before you apply.
Do your potential interest rate and monthly payment have you sweating? You may want to think about improving your credit score before applying for Lincoln, Maine auto loans. Take a look at our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Lincoln, ME Poor Credit Car Loans
A low credit score can raise your car loan rate, so it's more critical than ever to compare lenders in Lincoln, ME and find the right deal. myAutoloan is here to help you find the best loan — despite your credit history. All you need to do is select your offer type and complete our secure, confidential application. We'll show you up to four loans at once, allowing you to compare rates in minutes. After, you can select the right loan for you and head to your favorite Lincoln dealership with a check in hand.
Ready to purchase your next ride? Bad credit doesn't have to stop you. Apply today through myAutoloan and compare up to four Lincoln, ME bad credit auto loans!