How Do I Know If I Have Bad Credit in South Portland, ME?
When you apply for any type of loan, lenders in Maine look at your credit score to figure out how likely you are to repay it. Your credit score is calculated using many factors, including the number of open accounts you have, your repayment history, the age of your credit accounts, and any remaining loan balances. While each South Portland, ME lender has its own benchmarks for what’s considered a poor credit score, you may be seen as having bad credit if your score is less than 600. Lenders will also be wary if you've gone through bankruptcy, repossession, or foreclosure.
Can I Get a Car Loan in South Portland, 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. However, you'll likely face some challenges financing a car with bad credit in South Portland, ME. To begin with, not all lenders are willing to give a loan to someone with no or poor credit, so you may need to put in extra effort to find a lender inclined to work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you've found a lender in Maine, you may learn your low credit score impacts your loan. A poor credit score can limit your borrowing and result in higher interest rates. High interest rates also mean larger monthly payments and total repayment. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your South Portland loan might look like before you apply.
Concerned about your possible interest rate and monthly payment? You might want to consider raising your credit score before applying for South Portland, Maine auto loans. Take a look at our Guide to Better Credit for Auto Financing to learn about credit scores and how you can quickly raise yours.
Find the Best Deal in South Portland, ME for Bad Credit Car Loans
A bad credit score can raise the rate on your car loan, so it's more critical than ever to compare costs and find the right loan in South Portland, ME. At myAutoloan, we want to help you find the best loan — regardless of your credit history. All you have 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. To finish, you can select the right loan for you and head to your favorite South Portland dealership with cash 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 South Portland, ME through myAutoloan!