How Do I Know If I Have Bad Credit in Southfield, MI?
When you apply for any type of loan, Michigan lenders use your credit score to figure out the probability that you'll repay it. Many factors influence 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 Southfield, MI lender has its own criteria for what's considered a bad credit score, you might be seen as having bad credit if your score is less than 600. Lenders will also be wary if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Southfield, MI with Low Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. However, financing a car with bad credit in Southfield, MI will come with some challenges. For starters, not every lender feels comfortable giving loans to people with poor or no credit, so you may need to put in some extra hours to find a lender inclined to work with you. The good news is that myAutoloan partners with lenders specializing in bad credit 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. This high interest rate will also mean higher monthly payments and overall loan costs. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Southfield loan might be before even applying.
Concerned about your possible interest rate and monthly payment? You should consider increasing your credit score before applying for Southfield, Michigan auto loans. 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 Bad Credit Car Loans in Southfield, MI
A low credit score can increase your car loan rate, making it more important than ever to compare lenders in Southfield, MI and find the right deal. myAutoloan wants to help you find the best loan — no matter your credit history. Simply choose your offer type and complete our secure, confidential application. We'll show you up to four loans in minutes so you can easily compare rates. After, you can select the right loan for you and head to your favorite Southfield dealership with money in hand.
Ready to purchase a new ride? Bad credit doesn't have to get in the way. Apply now and compare up to four bad credit auto loans in Southfield, MI through myAutoloan!