Do I Have Bad Credit in Bloomfield Hills, MI?
When you try to borrow money — like a car loan — Michigan lenders use your credit score to figure out the likelihood of you repaying it. Many factors influence your credit score, including the age of your credit accounts, the number of open accounts you have, any remaining loan balances, and your repayment history. While every lender in Bloomfield Hills, MI has its own criteria 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 experienced repossession, bankruptcy, or foreclosure.
Can I Still Get a Car Loan in Bloomfield Hills, MI with Bad Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. But, you'll likely face some challenges financing a car with bad credit in Bloomfield Hills, MI. Most notably, not every lender offers poor or no credit loans, so it may take some extra time 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 low credit score impacts your loan. A poor credit score can limit your borrowing and result in higher interest rates. Higher interest rates will mean larger monthly payments and overall repayment. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Bloomfield Hills loan might be before you apply.
Concerned about your possible interest rate and monthly payment? You should look into improving your credit score before applying for auto loans in Bloomfield Hills, Michigan. Take a look at our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal on Bad Credit Car Loans in Bloomfield Hills, MI
A poor credit score can raise the rate on your car loan, so it's more critical than ever to compare costs to find the right deal in Bloomfield Hills, MI. myAutoloan wants to make sure you find the best loan — even without the best credit history. All you have to do is select your offer type and fill out our secure, confidential application. We'll show you up to four loans at once, allowing you to compare rates in minutes. Then, you can select the right loan for you and head down to your go-to dealership in Bloomfield Hills with money in hand.
Ready to purchase your next ride? Bad credit doesn't have to stop you. Apply today through myAutoloan and compare up to four Bloomfield Hills, MI bad credit auto loans!