What Counts as Bad Credit in Lake Orion, MI?
When you apply for a car loan, mortgage, or another type of loan, Michigan lenders use your credit score to figure out how likely you are to repay it. Your credit score is calculated using many factors, including the number of open accounts you have, your repayment history, the age of your credit accounts, and any remaining loan balances. While each Lake Orion, MI lender has its own guidelines for what it deems a poor credit score, you might be seen as having bad credit if your score sits under the 600 benchmark. Lenders will also be worried if you have a history of bankruptcy, foreclosure, or repossession.
Can I Get a Car Loan in Lake Orion, 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 is yes. But, financing a car in Lake Orion, MI with bad credit won't necessarily be easy. First off, 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.
When you find a lender in Michigan, you may notice your low credit score changes your loan. A poor credit score might limit your borrowing and lead to higher interest rates. This high interest rate will also mean higher monthly payments and more spent over the life of the loan. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Lake Orion loan might be before completing an application.
Concerned about your possible interest rate and monthly payment? You should consider raising your credit score before you apply for Lake Orion, Michigan car loans. Check out our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal on Lake Orion, MI Poor Credit Car Loans
A bad credit score can raise your car loan rate, making it more important than ever to compare costs and find the right loan in Lake Orion, MI. myAutoloan wants to help you find the best loan — regardless of your credit history. Simply choose your offer type and complete 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 loan that looks best to you and head down to your go-to dealership in Lake Orion with money in hand.
Need a new ride? Poor credit shouldn't stop you. Apply now and compare up to four bad credit auto loans in Lake Orion, MI through myAutoloan!