Do I Have Bad Credit in Escanaba, MI?
When you borrow money — like a car loan — Michigan lenders use your credit score to determine the likelihood of you repaying it. Many factors play 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 each Escanaba, MI lender has its own criteria for what it considers a poor credit score, you might be seen as having bad credit if your score is lower than 600. Lenders will also be nervous if you've gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Escanaba, MI with Low 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 is yes. Keep in mind, you'll likely face some challenges financing a car with bad credit in Escanaba, MI. To begin with, not every lender offers poor or no credit loans, so you may need to spend some extra time finding a lender who will work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you find a lender in Michigan, you may learn your loan is impacted by your low credit score. You may have limited borrowing power and a higher interest rate due to your poor credit score. Higher interest rates will mean higher monthly payments and overall loan costs. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Escanaba loan might look like before completing an application.
Do your potential interest rate and monthly payment have you worried? You may want to consider raising your credit score before you apply for Escanaba, Michigan car loans. View our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Escanaba, MI Poor Credit Car Loans
A low credit score can raise your car loan rate, so it's more critical than ever to compare costs to find the right deal in Escanaba, MI. myAutoloan wants to help you find the best loan — even without the best credit history. Simply choose 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. Then, you can select the right loan for you and visit any dealership in Escanaba with money in hand.
Why wait to get a new ride? Your poor credit doesn’t have to stop you. Apply today through myAutoloan and compare up to four Escanaba, MI bad credit auto loans!