How Do I Know If I Have Bad Credit in Brighton, MI?
When you try to borrow money — like a car loan — lenders in Michigan look at your credit score to figure out the likelihood of you repaying it. Many factors go into your credit score, 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 Brighton, MI has its own guidelines for what's considered a low credit score, you are often seen as having bad credit if your score sits under the 600 benchmark. Lenders will also be worried if you’ve experienced bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Brighton, MI with Bad Credit?
You’re not the first car buyer asking, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. Still, financing a car with bad credit in Brighton, MI will come with some challenges. For starters, not all lenders are willing to give a loan to someone with no or poor credit, so it may take some extra time to find a lender who will work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you've chosen a lender in Michigan, you may notice your loan is impacted by your low credit score. A poor credit score can limit your borrowing and result in higher interest rates. Higher interest rates will mean larger monthly payments and total repayment. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Brighton loan might be before filling out an application.
Do your potential interest rate and monthly payment have you worried? You should think about improving your credit score before applying for auto loans in Brighton, Michigan. Check out our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal on Bad Credit Car Loans in Brighton, MI
A low 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 Brighton, MI. myAutoloan wants to make sure you find the best loan — even without the best credit history. All you have to do is choose 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 choose the best loan for you and head to your favorite Brighton dealership with a check in hand.
Need a new ride? Your poor credit doesn’t have to stop you. Apply now and compare up to four bad credit auto loans in Brighton, MI through myAutoloan!