How Do I Know If I Have Bad Credit in Adrian, MI?
When you apply for any type of loan, Michigan lenders look at your credit score to evaluate the probability that you'll repay 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 each lender in Adrian, MI has its own guidelines for what’s considered a poor credit score, you are often seen as having bad credit if your score sits under the 600 benchmark. Lenders will also be more cautious if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Adrian, MI with Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer is yes. But, it's going to be harder to finance a car with bad credit in Adrian, MI. Most notably, not every lender feels comfortable giving loans to people with poor or no credit, so it may take some extra time to find a lender willing to work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you find a lender in Michigan, you may learn your low credit score changes your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. High interest rates also mean higher monthly payments and overall repayment. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Adrian loan might be before filling out an application.
Concerned about your possible interest rate and monthly payment? You should look into raising your credit score before applying for Adrian, Michigan 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 Bad Credit Car Loans in Adrian, MI
A bad credit score can raise your car loan rate, making it more important than ever to compare lending options and find the right deal in Adrian, MI. myAutoloan wants to make sure you find the best loan — regardless of your credit history. All you have to do is choose 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. Finally, you can select the loan that looks best to you and head to your local Adrian dealership with a loan in hand.
Need a new ride? Bad credit doesn't have to stop you. Apply through myAutoloan now and review up to four Adrian, MI bad credit car loans!