What Is Considered Bad Credit in Marquette, MI?
When you apply for a car loan, mortgage, or another type of loan, Michigan lenders look at your credit score to decide the likelihood of you repaying it. Many factors influence 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 lender in Marquette, MI has its own guidelines for what's considered a low credit score, you are often seen as having bad credit if your score is lower than 600. Lenders will also be nervous if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Get a Car Loan in Marquette, 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. Keep in mind, it's going to be harder to finance a car with bad credit in Marquette, MI. Most notably, 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 willing to work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you've found a lender in Michigan, you may discover your low credit score changes your loan. A poor credit score might limit your borrowing and lead to higher interest rates. High interest rates also mean higher monthly payments and overall repayment. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Marquette loan could look like before you apply.
Worried about your potential interest rate and monthly payment? You might want to contemplate raising your credit score before you start applying for auto loans in Marquette, Michigan. 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 Poor Credit Car Loans in Marquette, MI
A poor credit score can increase the rate on your car loan, so it's more critical than ever to compare lenders in Marquette, MI and find the right deal. At myAutoloan, we want to help you find the best loan — despite your credit history. All you have to do is select 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. Then, you can select the right loan for you and head to your local Marquette dealership with a check in hand.
Ready to purchase your next ride? Poor credit shouldn't stop you. Apply now and compare up to four bad credit auto loans in Marquette, MI through myAutoloan!