What Counts as Bad Credit in Lansing, MI?
When you try to borrow money — like a car loan — Michigan lenders use your credit score to figure out the probability that you'll repay it. Many factors play into your credit score, including the age of your credit accounts, the number of open accounts you have, any remaining loan balances, and your repayment history. While every Lansing, MI lender has its own benchmarks for what’s considered a poor credit score, you might be seen as having bad credit if you have a score below 600. Lenders will also be worried if you've experienced repossession, bankruptcy, or foreclosure.
Can I Get a Car Loan in Lansing, MI If I Have Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. Still, financing a car in Lansing, MI with bad credit won't necessarily be easy. First off, not every lender is willing to give a loan to someone with poor or no credit, so you may need to put in extra effort to find a lender inclined to work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you've found 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. This high interest rate will lead to higher monthly payments and more spent over the life of the loan. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Lansing loan might look like before even applying.
Worried about your potential interest rate and monthly payment? You should look into raising your credit score before applying for auto loans in Lansing, 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 Lansing, MI for Bad Credit Car Loans
A poor credit score can raise your car loan rate, so it's more critical than ever to compare costs and find the right loan in Lansing, MI. At myAutoloan, we want to help you find the best loan — regardless of your credit history. All you have to do is choose 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. To finish, you can choose the best loan for you and head to your local Lansing dealership with a check in hand.
Ready to purchase your next ride? Your poor credit doesn’t have to stop you. Apply today through myAutoloan and compare up to four Lansing, MI bad credit auto loans!