What Counts as Bad Credit in Lapeer, MI?
When you apply for a car loan, mortgage, or another type of loan, lenders in Michigan look at your credit score to figure out how likely you are to repay it. Many factors play into your credit score, including any remaining loan balances, your repayment history, the number of open accounts you have, and the age of your credit accounts. While each lender in Lapeer, 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 falls below 600. Lenders will also be wary if you've experienced repossession, bankruptcy, or foreclosure.
Is it Possible to Get a Car Loan in Lapeer, 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 is yes. Still, financing a car in Lapeer, 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 it may take some extra time to find a lender willing to work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you find a lender in Michigan, you may learn your low credit score changes your loan. A poor credit score can limit your borrowing and result in higher interest rates. This high interest rate will lead to larger monthly payments and overall loan costs. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Lapeer loan might be before completing an application.
Worried about your potential interest rate and monthly payment? You may want to consider raising your credit score before applying for Lapeer, 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 Lapeer, MI Poor Credit Car Loans
A low credit score can increase the rate on your car loan, so it's more critical than ever to compare lending options and find the right deal in Lapeer, 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 complete our secure, confidential application. We’ll show you up to four loans at a time so you can compare rates in minutes. After, you can select the best loan for you and head to your local Lapeer dealership with a loan in hand.
Why wait to get a new ride? Bad credit doesn't have to stop you. Apply through myAutoloan now and review up to four Lapeer, MI bad credit car loans!