What Counts as Bad Credit in Niles, 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. Your credit score is calculated using many factors, including any remaining loan balances, your repayment history, the number of open accounts you have, and the age of your credit accounts. While each Niles, MI lender has its own benchmarks for what's considered a bad credit score, you might be seen as having bad credit if your score falls below 600. Lenders will also be more cautious if you have a history of bankruptcy, foreclosure, or repossession.
Is it Possible to Get a Car Loan in Niles, MI with Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. Keep in mind, you'll likely face some challenges financing a car with bad credit in Niles, MI. Most notably, not all lenders are willing to give a loan to someone with no or poor credit, so you may need to put in extra effort to find a lender willing to work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you find a lender in Michigan, you may notice your low credit score affects your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. High interest rates also mean higher monthly payments and overall loan costs. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Niles loan might look like before even applying.
Do your potential interest rate and monthly payment have you worried? You may want to contemplate improving your credit score before applying for auto loans in Niles, Michigan. Take a look at our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal on Niles, MI Poor Credit Car Loans
A bad credit score can increase your car loan rate, making it more important than ever to compare costs to find the right deal in Niles, MI. myAutoloan wants to make sure you find the best loan — no matter your credit history. Simply 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. Then, you can select the best loan for you and head to your favorite Niles dealership with a check in hand.
Ready to purchase your next ride? Bad credit doesn't have to stop you. Apply now and compare up to four bad credit auto loans in Niles, MI through myAutoloan!