How Do I Know If I Have Bad Credit in Highland Park, MI?
When you apply for a car loan, mortgage, or another type of loan, Michigan lenders look at your credit score to evaluate the likelihood of you repaying it. Many factors go 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 every lender in Highland Park, MI will have its own guidelines for what’s considered a poor credit score, you are often seen as having bad credit if your score is less than 600. Lenders will also be more cautious if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Highland Park, MI with Bad Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. Still, you'll likely face some challenges financing a car with bad credit in Highland Park, MI. Most notably, 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 who will work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
When you find a lender in Michigan, you may learn your low credit score affects your loan. A poor credit score can limit your borrowing and result in higher interest rates. High interest rates also mean higher monthly payments and total repayment. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Highland Park loan might look like before completing an application.
Do your potential interest rate and monthly payment have you sweating? You should think about raising your credit score before you start applying for auto loans in Highland Park, Michigan. View our Guide to Better Credit for Auto Financing to learn about credit scores and how you can quickly raise yours.
Find the Best Deal on Bad Credit Car Loans in Highland Park, MI
A bad credit score can raise the rate on your car loan, making it more important than ever to compare costs to find the right deal in Highland Park, MI. myAutoloan wants to help you find the best loan — regardless of your credit history. All you need to do is select 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. Finally, you can select the loan that looks best to you and head down to your go-to dealership in Highland Park with a check in hand.
Need a new ride? Poor credit shouldn't stop you. Apply now and compare up to four bad credit auto loans in Highland Park, MI through myAutoloan!