What Is Considered Bad Credit in Flint, MI?
When you apply for any type of loan, lenders in Michigan look at your credit score to determine the probability that you'll repay it. Your credit score is calculated using many factors, including the age of your credit accounts, the number of open accounts you have, any remaining loan balances, and your repayment history. While every Flint, MI lender has its own benchmarks for what's considered a bad credit score, you could be seen as having bad credit if your score is less than 600. Lenders will also be nervous if you’ve experienced bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Flint, MI with Bad Credit?
You’re not the first car buyer asking, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. However, financing a car in Flint, MI with bad credit won't necessarily be easy. To begin with, not every lender offers poor or no credit loans, so you may need to spend some extra time finding a lender inclined to work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you've chosen a lender in Michigan, you may learn your loan is impacted by your low credit score. A poor credit score might limit your borrowing and lead to higher interest rates. High interest rates also mean higher monthly payments and overall repayment. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Flint loan could look like before filling out an application.
Do your potential interest rate and monthly payment have you sweating? You should contemplate boosting your credit score before applying for Flint, Michigan auto loans. Study our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Poor Credit Car Loans in Flint, MI
A bad credit score can increase the rate on your car loan, making it more critical than ever to compare lenders in Flint, MI and find the right deal. myAutoloan is here to help you find the best loan — regardless of your credit history. All you have to do is select 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 select the right loan for you and head down to your go-to dealership in Flint with cash 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 Flint, MI through myAutoloan!