What Counts as Bad Credit in Durand, MI?
When you apply for a car loan, mortgage, or another type of loan, Michigan lenders use your credit score to determine the probability that you'll repay it. Your credit score is calculated using many factors, 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 Durand, MI has its own criteria for what's considered a bad credit score, you are often seen as having bad credit if you have a score below 600. Lenders will also be wary if you have a history of bankruptcy, foreclosure, or repossession.
Is it Possible to Get a Car Loan in Durand, 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 simple answer is yes. Keep in mind, it's going to be harder to finance a car with bad credit in Durand, MI. First off, 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 who will work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
When you find a lender in Michigan, you may learn your low credit score affects your loan. A poor credit score can limit your borrowing and result in higher interest rates. This high interest rate will lead to higher monthly payments and total repayment. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Durand loan might look like before filling out an application.
Do your potential interest rate and monthly payment have you worried? You might want to look into boosting your credit score before you apply for Durand, Michigan car loans. View 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 Durand, MI Poor Credit Car Loans
A low credit score can increase your car loan rate, making it more crucial than ever to compare costs to find the right deal in Durand, MI. At myAutoloan, we want to help you find the best loan — despite your credit history. All you need to do is select your offer type and fill out our secure, confidential application. We’ll show you up to four loans at a time so you can compare rates in minutes. Finally, you can select the loan that looks best to you and visit any dealership in Durand with a check in hand.
Need a new ride? Bad credit doesn't have to get in the way. Apply today through myAutoloan and compare up to four Durand, MI bad credit auto loans!