What Is Considered Bad Credit in Portland, ME?
When you apply for a car loan, mortgage, or another type of loan, Maine lenders look at your credit score to evaluate the likelihood of you repaying it. Many factors influence your credit score, including your repayment history, the number of accounts you have open, the age of your credit accounts, and any remaining loan balances. While each Portland, ME lender has its own guidelines for what's considered a bad credit score, you may be seen as having bad credit if your score sits under the 600 benchmark. Lenders will also be nervous if you've gone through bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Portland, ME with Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. Keep in mind, financing a car in Portland, ME with bad credit won't necessarily be easy. For starters, 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.
When 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. Higher interest rates will mean higher monthly payments and overall loan costs. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Portland loan might look like before filling out an application.
Concerned about your possible interest rate and monthly payment? You should consider improving your credit score before applying for Portland, Maine auto loans. View 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 Portland, ME
A low credit score can increase your car loan rate, making it more critical than ever to compare lenders in Portland, ME and find the right deal. At myAutoloan, we want to help you find the best loan — regardless of your credit history. All you need to do is select your offer type and complete our secure, confidential application. You'll see up to four loans at once so you can compare rates in minutes. After, you can select the loan that looks best to you and head to your local Portland dealership with cash in hand.
Need a new ride? Your poor credit doesn’t have to stop you. Apply today through myAutoloan and compare up to four Portland, ME bad credit auto loans!