How Do I Know If I Have Bad Credit in Perry, MI?
When you borrow money — like a car loan — lenders in Michigan use your credit score to evaluate the probability that you'll repay it. Your credit score is calculated using many factors, including your repayment history, the number of accounts you have open, the age of your credit accounts, and any remaining loan balances. While every lender in Perry, MI has its own benchmarks for what’s considered a poor credit score, you could be seen as having bad credit if your score sits under the 600 benchmark. Lenders will also be more cautious if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Perry, 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?” The short answer is yes. But, it's going to be harder to finance a car with bad credit in Perry, MI. To begin with, 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 inclined to work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
When you find a lender in Michigan, you may see that 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 Perry loan might be before filling out an application.
Do your potential interest rate and monthly payment have you sweating? You should consider improving your credit score before you apply for Perry, Michigan car loans. Take a look at our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal in Perry, MI for Bad Credit Car Loans
A bad credit score can raise your car loan rate, so it's more critical than ever to compare costs to find the right deal in Perry, MI. myAutoloan wants to help you find the best loan — even without the best credit history. All you have to do is select your offer type and complete our secure, confidential application. You'll see up to four loans at once so you can compare rates in minutes. Finally, you can select the best loan for you and head to your favorite Perry dealership with a loan in hand.
Ready to purchase a new ride? Your poor credit doesn’t have to stop you. Apply through myAutoloan now and review up to four Perry, MI bad credit car loans!