What Is Considered Bad Credit in Marshall, MI?
When you borrow money — like a car loan — Michigan lenders look at your credit score to figure out how likely you are to repay it. Many factors go 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 each lender in Marshall, MI has its own guidelines for what's considered a bad credit score, you may be seen as having bad credit if your score falls below 600. Lenders will also be wary if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Marshall, MI with Bad Credit?
You’re not the first car buyer asking, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. Still, financing a car with bad credit in Marshall, MI will come with some challenges. To begin with, not every lender feels comfortable giving loans to people 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've chosen a lender in Michigan, you may learn your low credit score impacts your loan. A poor credit score can result in limited borrowing and higher interest rates. This high interest rate will also mean higher monthly payments and total repayment. Our Interest Rate Estimator and Payment Calculator can help you see an estimate for the monthly payment on your Marshall loan before you apply.
Do your potential interest rate and monthly payment have you sweating? You should contemplate raising your credit score before applying for auto loans in Marshall, Michigan. Check out our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal in Marshall, MI for Bad Credit Car Loans
A poor credit score can raise your car loan rate, making it more crucial than ever to compare lending options and find the right deal in Marshall, MI. 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 a time so you can compare rates in minutes. To finish, you can select the loan that looks best to you and head to your favorite Marshall dealership with a check in hand.
Ready to purchase a new ride? Bad credit doesn't have to get in the way. Apply today through myAutoloan and compare up to four Marshall, MI bad credit auto loans!