What Counts as Bad Credit in Portland, MI?
When you apply for a car loan, mortgage, or another type of loan, Michigan lenders look at your credit score to determine the probability that you'll repay it. Many factors go into 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 every Portland, MI lender has its own benchmarks for what it considers a poor 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.
Can I Still Get a Car Loan in Portland, MI with Low Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. Still, it's going to be harder to finance a car with bad credit in Portland, MI. For starters, not every lender offers poor or no credit loans, so you may need to spend some extra time finding a lender inclined to work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you find a lender in Michigan, you may discover your loan is impacted by your low credit score. A poor credit score can result in limited borrowing and higher interest rates. 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 Portland loan might look like before you apply.
Concerned about your possible interest rate and monthly payment? You might want to consider raising your credit score before applying for Portland, Michigan auto loans. Check out our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal in Portland, MI for Bad Credit Car Loans
A low credit score can raise your car loan rate, so it's more critical than ever to compare costs to find the right deal in Portland, MI. At myAutoloan, we want to help you find the best loan — even without the best credit history. Simply 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. Finally, you can choose the best loan for you and visit any dealership in Portland with money in hand.
Why wait to get a new ride? Poor credit shouldn't stop you. Apply now and compare up to four bad credit auto loans in Portland, MI through myAutoloan!