How Do I Know If I Have Bad Credit in Fenton, MI?
When you try to borrow money — like a car loan — lenders in Michigan use your credit score to decide the chances of you repaying it. Your credit score is calculated using many factors, including your repayment history, the number of accounts you have open, the age of your credit accounts, and any remaining loan balances. While every Fenton, MI lender has its own guidelines for what's considered a bad credit score, you might be seen as having bad credit if your score is lower than 600. Lenders will also be more cautious if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Fenton, 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 short answer is yes. But, financing a car in Fenton, MI with bad credit won't necessarily be easy. For starters, not every lender is willing to give a loan to someone with poor or no credit, so you may need to spend some extra time finding a lender who will work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
When you find a lender in Michigan, you may see that your low credit score changes your loan. A poor credit score can result in limited borrowing and 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 Fenton loan might look like before you apply.
Do your potential interest rate and monthly payment have you sweating? You might want to consider improving your credit score before applying for Fenton, Michigan auto 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 in Fenton, MI for Bad Credit Car Loans
A bad credit score can increase your car loan rate, making it more important than ever to compare lending options and find the right deal in Fenton, MI. myAutoloan wants to make sure you find the best loan — despite your credit history. All you have to do is choose your offer type and complete a confidential, secure application. You'll see up to four loans at once so you can compare rates in minutes. After, you can choose the best loan for you and head down to your go-to dealership in Fenton with a loan in hand.
Ready to purchase your next ride? Your poor credit doesn’t have to stop you. Apply now and compare up to four bad credit auto loans in Fenton, MI through myAutoloan!