What Is Considered Bad Credit in Portage, MI?
When you try to borrow money — like a car loan — Michigan lenders look at your credit score to evaluate the probability that you'll 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 Portage, MI has its own criteria for what it considers a poor credit score, you are often seen as having bad credit if you have a score below 600. Lenders will also be nervous if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Portage, MI with Bad Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. Still, financing a car with bad credit in Portage, MI will come with some challenges. For starters, 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 who will help with your financing. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you find a lender in Michigan, you may learn your loan is impacted by your low credit score. A poor credit score can result in limited borrowing and higher interest rates. This high interest rate will lead to larger monthly payments and total repayment. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Portage loan might be before even applying.
Concerned about your possible interest rate and monthly payment? You might want to contemplate raising your credit score before applying for auto loans in Portage, Michigan. Check out 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 Portage, MI Poor Credit Car Loans
A low credit score can increase your car loan rate, making it more crucial than ever to compare costs and find the right loan in Portage, MI. myAutoloan is here to help you find the best loan — despite your credit history. All you have to do is select your offer type and complete a confidential, secure application. You'll see up to four loans at once so you can compare rates in minutes. After, you can select the right loan for you and visit any dealership in Portage with a loan in hand.
Why wait to get a new ride? Your poor credit doesn’t have to stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Portage, MI!