What Counts as Bad Credit in South Haven, MI?
When you apply for any type of loan, lenders in Michigan look at your credit score to decide the probability that you'll repay it. Your credit score is calculated using many factors, including the age of your credit accounts, the number of open accounts you have, any remaining loan balances, and your repayment history. While every lender in South Haven, MI will have its own guidelines for what it deems a poor credit score, you are often 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.
Is it Possible to Get a Car Loan in South Haven, MI with Bad 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? Yes. Still, it's going to be harder to finance a car with bad credit in South Haven, MI. For starters, not all lenders are willing to give a loan to someone with no or poor credit, so you may need to spend some extra time finding a lender willing to work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you've chosen a lender in Michigan, you may learn your low credit score impacts your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. This high interest rate will lead to higher monthly payments and overall loan costs. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your South Haven loan might be before you apply.
Concerned about your possible interest rate and monthly payment? You might want to look into increasing your credit score before you apply for South Haven, Michigan car loans. View 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 South Haven, MI Poor Credit Car Loans
A bad credit score can raise your car loan rate, so it's more critical than ever to compare costs and find the right loan in South Haven, MI. myAutoloan wants to make sure you find the best loan — even without the best credit history. Simply choose your offer type and fill out our secure, confidential application. We’ll show you up to four loans at a time so you can compare rates in minutes. After, you can select the loan that looks best to you and head to your favorite South Haven dealership with a check in hand.
Ready to purchase your next ride? Bad credit doesn't have to stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in South Haven, MI!