What Counts as Bad Credit in Saginaw, 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 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 every Saginaw, MI lender has its own criteria for what it considers a poor credit score, you could be seen as having bad credit if your score sits under the 600 benchmark. Lenders will also be wary if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Saginaw, MI with Bad Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. However, it's going to be harder to finance a car with bad credit in Saginaw, MI. First off, not every lender feels comfortable giving loans to people with poor or no credit, so you may need to spend some extra time finding a lender willing to work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you find a lender in Michigan, you may discover your low credit score impacts your loan. A poor credit score can result in limited borrowing and higher interest rates. Higher interest rates will mean higher monthly payments and total repayment. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Saginaw loan might look like before completing an application.
Concerned about your possible interest rate and monthly payment? You might want to contemplate increasing your credit score before you start applying for auto loans in Saginaw, Michigan. Study 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 Poor Credit Car Loans in Saginaw, MI
A low credit score can increase your car loan rate, making it more critical than ever to compare costs and find the right loan in Saginaw, MI. myAutoloan is here to help you find the best loan — no matter your credit history. All you need to do is select your offer type and complete a confidential, secure application. We'll show you up to four loans in minutes so you can easily compare rates. To finish, you can choose the best loan for you and head to your local Saginaw dealership with cash in hand.
Ready to purchase a new ride? Bad credit doesn't have to stop you. Apply through myAutoloan now and review up to four Saginaw, MI bad credit car loans!