How Do I Know If I Have Bad Credit in Ferndale, MI?
When you try to borrow money — like a car loan — Michigan lenders look at your credit score to determine the probability that you'll 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 lender in Ferndale, MI has its own criteria for what's considered a bad credit score, you may be seen as having bad credit if you have a score below 600. Lenders will also be more cautious if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Ferndale, MI with Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. However, financing a car with bad credit in Ferndale, MI will come with some challenges. Most notably, not every lender feels comfortable giving loans to people with poor or no credit, so you may need to put in some extra hours to find a lender inclined to work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you find a lender in Michigan, you may notice your low credit score impacts your loan. A poor credit score can limit your borrowing and result in higher interest rates. Higher interest rates will mean higher monthly payments and total repayment. Use our Interest Rate Estimator and Payment Calculator to see an estimate for the monthly payment on your Ferndale loan before even applying.
Worried about your potential interest rate and monthly payment? You might want to contemplate boosting your credit score before you apply for Ferndale, Michigan car loans. Take a look at our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Ferndale, MI Poor Credit Car Loans
A poor credit score can raise your car loan rate, making it more important than ever to compare lending options and find the right deal in Ferndale, MI. myAutoloan is here to help you find the best loan — no matter your credit history. Simply choose your offer type and complete or confidential and secure application. We’ll show you up to four loans at a time so you can compare rates in minutes. To finish, you can select the loan that looks best to you and head to your favorite Ferndale dealership with cash in hand.
Ready to purchase your next ride? Bad credit doesn't have to stop you. Apply now and compare up to four bad credit auto loans in Ferndale, MI through myAutoloan!