What Is Considered Bad Credit in Merrill, MI?
When you try to borrow money — like a car loan — lenders in Michigan look at your credit score to determine the chances of you repaying it. Many factors influence 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 Merrill, MI has its own benchmarks for what’s considered a poor credit score, you are often seen as having bad credit if your score is less than 600. Lenders will also be worried if you've gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Merrill, 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? Yes. Still, you'll likely face some challenges financing a car with bad credit in Merrill, MI. Most notably, 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 who will help with your financing. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you find a lender in Michigan, you may discover your low credit score affects your loan. A poor credit score can result in limited borrowing and higher interest rates. High interest rates also mean higher monthly payments and more spent over the life of the loan. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Merrill loan might look like before even applying.
Concerned about your possible interest rate and monthly payment? You may want to consider improving your credit score before you start applying for auto loans in Merrill, Michigan. Take a look at our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal in Merrill, MI for Bad Credit Car Loans
A bad credit score can increase the rate on your car loan, making it more crucial than ever to compare lending options and find the right deal in Merrill, MI. myAutoloan wants to make sure you find the best loan — even without the best credit history. All you have to do is choose your offer type and complete a confidential, secure 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 Merrill dealership with cash in hand.
Ready to purchase a new ride? Poor credit shouldn't stop you. Apply today through myAutoloan and compare up to four Merrill, MI bad credit auto loans!