What Is Considered Bad Credit in Royal Oak, MI?
When you borrow money — like a car loan — Michigan lenders 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 each lender in Royal Oak, MI will have its own guidelines for what's considered a low credit score, you may be seen as having bad credit if your score is less than 600. Lenders will also be more cautious if you've experienced repossession, bankruptcy, or foreclosure.
Can I Still Get a Car Loan in Royal Oak, MI with Low 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. However, it's going to be harder to finance a car with bad credit in Royal Oak, MI. To begin with, not every lender is willing to give a loan to someone with poor or no credit, so it may take some extra time to find a lender who will help with your financing. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you find a lender in Michigan, you may notice your loan is impacted by your low credit score. A poor credit score can result in limited borrowing and higher interest rates. Higher interest rates will mean higher monthly payments and overall loan costs. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Royal Oak loan could look like before filling out an application.
Do your potential interest rate and monthly payment have you worried? You may want to look into raising your credit score before you start applying for auto loans in Royal Oak, Michigan. Study our Guide to Better Credit for Auto Financing to learn about credit scores and how you can quickly raise yours.
Find the Best Deal on Royal Oak, MI Poor Credit Car Loans
A poor credit score can increase your car loan rate, making it more crucial than ever to compare lenders in Royal Oak, MI and find the right deal. myAutoloan wants to make sure you find the best loan — despite your credit history. Simply choose your offer type and complete or confidential and secure application. You'll see up to four loans at once so you can compare rates in minutes. Then, you can select the right loan for you and head to your local Royal Oak dealership with cash in hand.
Ready to purchase a new ride? Bad credit doesn't have to stop you. Apply today through myAutoloan and compare up to four Royal Oak, MI bad credit auto loans!