How Do I Know If I Have Bad Credit in Farmington Hills, MI?
When you apply for any type of loan, lenders in Michigan look at your credit score to determine how likely you are to repay it. Many factors play into 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 Farmington Hills, MI will have its own guidelines for what’s considered a poor credit score, you could be seen as having bad credit if your score sits under the 600 benchmark. Lenders will also be more cautious if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Farmington Hills, MI with Low 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 is yes. But, financing a car in Farmington Hills, MI with bad credit won't necessarily be easy. To begin with, not every lender feels comfortable giving loans to people with poor or no credit, so you may need to put in extra effort to find a lender willing to work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you've chosen a lender in Michigan, you may discover 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 higher monthly payments and more spent over the life of the loan. Our Interest Rate Estimator and Payment Calculator can help you see an estimate for the monthly payment on your Farmington Hills loan before filling out an application.
Do your potential interest rate and monthly payment have you sweating? You should think about improving your credit score before you start applying for auto loans in Farmington Hills, Michigan. Study 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 Poor Credit Car Loans in Farmington Hills, MI
A poor credit score can increase the rate on your car loan, making it more critical than ever to compare costs and find the right loan in Farmington Hills, MI. myAutoloan wants to help 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 in minutes so you can easily compare rates. Finally, you can select the best loan for you and head to your local Farmington Hills dealership with a loan in hand.
Why wait to get a new ride? Poor credit shouldn't stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Farmington Hills, MI!