Do I Have Bad Credit in Thomaston, ME?
When you apply for a car loan, mortgage, or another type of loan, lenders in Maine look at your credit score to evaluate how likely you are to repay it. Your credit score is calculated using many factors, including your repayment history, the number of accounts you have open, the age of your credit accounts, and any remaining loan balances. While each lender in Thomaston, ME will have its own guidelines for what it considers a poor credit score, you are often seen as having bad credit if you have a score below 600. Lenders will also be nervous if you have a history of bankruptcy, foreclosure, or repossession.
Is it Possible to Get a Car Loan in Thomaston, ME with Bad Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer is yes. However, financing a car with bad credit in Thomaston, ME will come with some challenges. For starters, not every lender offers poor or no credit loans, so you may need to put in some extra hours to find a lender willing to work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
When you find a lender in Maine, you may learn your low credit score impacts your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. This high interest rate will also mean higher monthly payments and total repayment. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Thomaston loan could look like before filling out an application.
Worried about your potential interest rate and monthly payment? You might want to look into increasing your credit score before applying for auto loans in Thomaston, Maine. 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 on Thomaston, ME Poor Credit Car Loans
A poor credit score can raise the rate on your car loan, making it more critical than ever to compare costs and find the right loan in Thomaston, ME. 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 a confidential, secure application. We'll show you up to four loans in minutes so you can easily compare rates. To finish, you can select the right loan for you and head to your local Thomaston dealership with a check in hand.
Ready to purchase a new ride? Bad credit doesn't have to stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Thomaston, ME!