What Counts as Bad Credit in Petoskey, MI?
When you borrow money — like a car loan — lenders in Michigan look at your credit score to figure out the likelihood of you repaying it. Many factors play into your credit score, including your repayment history, the number of accounts you have open, the age of your credit accounts, and any remaining loan balances. While each Petoskey, MI lender has its own benchmarks for what it deems a poor credit score, you might be seen as having bad credit if your score is less than 600. Lenders will also be wary if you've gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Petoskey, MI with Bad Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. However, it's going to be harder to finance a car with bad credit in Petoskey, MI. For starters, not all lenders are willing to give a loan to someone with no or poor credit, so you may need to spend some extra time finding a lender who will help with your financing. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
When you find a lender in Michigan, you may see that your low credit score affects your loan. A poor credit score might limit your borrowing and lead to higher interest rates. Higher interest rates will mean higher monthly payments and overall repayment. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Petoskey loan might be before filling out an application.
Do your potential interest rate and monthly payment have you sweating? You might want to think about increasing your credit score before applying for auto loans in Petoskey, Michigan. View our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal on Petoskey, MI Poor Credit Car Loans
A poor credit score can increase the rate on your car loan, making it more critical than ever to compare costs to find the right deal in Petoskey, MI. At myAutoloan, we want to help you find the best loan — regardless of your credit history. All you have to do is select your offer type and complete or confidential and secure application. We'll show you up to four loans in minutes so you can easily compare rates. Then, you can select the right loan for you and head down to your go-to dealership in Petoskey 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 Petoskey, MI bad credit car loans!