What Is Considered Bad Credit in Ann Arbor, MI?
When you apply for a car loan, mortgage, or another type of loan, Michigan lenders look at your credit score to determine how likely you are to repay it. Many factors go into your credit score, including the number of open accounts you have, your repayment history, the age of your credit accounts, and any remaining loan balances. While every lender in Ann Arbor, MI will have its own guidelines for what's considered a low credit score, you may be seen as having bad credit if you have a score below 600. Lenders will also be more cautious if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Ann Arbor, MI with 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 short answer? Yes. However, financing a car in Ann Arbor, MI with bad credit won't necessarily be easy. Most notably, not all lenders are willing to give a loan to someone with no or poor credit, so you may need to put in some extra hours to find a lender inclined to work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you find a lender in Michigan, you may see that your loan is impacted by your low credit score. A poor credit score can limit your borrowing and result in higher interest rates. High interest rates also mean higher monthly payments and total repayment. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Ann Arbor loan might be before even applying.
Worried about your potential interest rate and monthly payment? You might want to look into raising your credit score before you start applying for auto loans in Ann Arbor, Michigan. View 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 Ann Arbor, MI for Bad Credit Car Loans
A bad credit score can increase the rate on your car loan, so it's more critical than ever to compare lending options and find the right deal in Ann Arbor, MI. myAutoloan is here to help you find the best loan — regardless of your credit history. Simply choose 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 best loan for you and visit any dealership in Ann Arbor with money in hand.
Why wait to get a new ride? Bad credit doesn't have to get in the way. Apply with myAutoloan today and compare up to four bad credit auto loans in Ann Arbor, MI!