What Counts as Bad Credit in Roseville, MI?
When you borrow money — like a car loan — Michigan lenders use your credit score to evaluate the chances of you repaying it. Many factors influence 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 every Roseville, MI lender has its own benchmarks for what it considers a poor credit score, you may be seen as having bad credit if you have a score below 600. Lenders will also be nervous if you've gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Roseville, MI with Low Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. Keep in mind, financing a car with bad credit in Roseville, MI will come with some challenges. To begin with, not every lender offers poor or no credit loans, so you may need to put in extra effort to find a lender who will work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you find a lender in Michigan, you may learn your low credit score impacts your loan. A poor credit score can limit your borrowing and result in higher interest rates. This high interest rate will 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 Roseville loan could look like before completing an application.
Worried about your potential interest rate and monthly payment? You should look into improving your credit score before applying for auto loans in Roseville, Michigan. Study our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Bad Credit Car Loans in Roseville, MI
A low credit score can raise your car loan rate, making it more crucial than ever to compare costs to find the right deal in Roseville, 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 our secure, confidential application. We'll show you up to four loans at once, allowing you to compare rates in minutes. Then, you can select the right loan for you and head to your local Roseville dealership with a loan in hand.
Ready to purchase a new ride? Poor credit shouldn't stop you. Apply today through myAutoloan and compare up to four Roseville, MI bad credit auto loans!