What Counts as Bad Credit in Houghton, MI?
When you apply for any type of loan, Michigan lenders look at your credit score to decide the likelihood of you repaying 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 each Houghton, MI lender has its own guidelines for what's considered a bad credit score, you are often seen as having bad credit if your score is less than 600. Lenders will also be worried if you have a history of bankruptcy, foreclosure, or repossession.
Can I Get a Car Loan in Houghton, MI If I Have Bad 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? Yes. However, it's going to be harder to finance a car with bad credit in Houghton, MI. First off, not all lenders are willing to give a loan to someone with no or poor credit, so you may need to put in some extra hours to find a lender who will help with your financing. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
When you find a lender in Michigan, you may discover your loan is impacted by your low credit score. A poor credit score might limit your borrowing and lead to higher interest rates. This high interest rate will lead to higher monthly payments and overall loan costs. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Houghton loan might be before even applying.
Do your potential interest rate and monthly payment have you sweating? You should contemplate boosting your credit score before you start applying for auto loans in Houghton, Michigan. Check out our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal in Houghton, MI for Bad Credit Car Loans
A poor credit score can increase your car loan rate, making it more crucial than ever to compare lending options and find the right deal in Houghton, MI. myAutoloan is here to help you find the best loan — even without the best credit history. All you need to do is select your offer type and fill out our secure, confidential application. We'll show you up to four loans at once, allowing you to compare rates in minutes. After, you can select the best loan for you and visit any dealership in Houghton 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 Houghton, MI!