Do I Have Bad Credit in Detroit, MI?
When you borrow money — like a car loan — Michigan lenders look at your credit score to evaluate how likely you are to repay it. Your credit score is calculated using many factors, including any remaining loan balances, your repayment history, the number of open accounts you have, and the age of your credit accounts. While every Detroit, MI lender has its own criteria for what it deems a poor credit score, you are often seen as having bad credit if you have a score below 600. Lenders will also be worried if you've experienced repossession, bankruptcy, or foreclosure.
Is it Possible to Get a Car Loan in Detroit, 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. But, it's going to be harder to finance a car with bad credit in Detroit, MI. Most notably, not every lender offers poor or no credit loans, so you may need to spend some extra time finding a lender willing to work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you've found a lender in Michigan, you may discover your loan is impacted by your low credit score. A poor credit score can result in limited borrowing and higher interest rates. High interest rates also mean higher monthly payments and more spent over the life of the loan. Tools like our Interest Rate Estimator and Payment Calculator can help you see an estimate for the monthly payment on your Detroit loan before even applying.
Concerned about your possible interest rate and monthly payment? You might want to contemplate boosting your credit score before applying for auto loans in Detroit, Michigan. Study our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Detroit, MI Poor Credit Car Loans
A bad credit score can increase the rate on your car loan, so it's more critical than ever to compare costs to find the right deal in Detroit, MI. At myAutoloan, we want to help you find the best loan — regardless of 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 at a time so you can compare rates in minutes. Finally, you can select the best loan for you and head to your local Detroit dealership with cash in hand.
Ready to purchase your next ride? Bad credit doesn't have to get in the way. Apply through myAutoloan now and review up to four Detroit, MI bad credit car loans!