How Do I Know If I Have Bad Credit in Sterling Heights, MI?
When you apply for a car loan, mortgage, or another type of loan, lenders in Michigan 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 every lender in Sterling Heights, MI has its own criteria 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 wary if you've gone through bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Sterling Heights, 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?” Yes, you can. Keep in mind, financing a car in Sterling Heights, MI with bad credit won't necessarily be easy. To begin with, not all lenders are willing to give a loan to someone with no or poor credit, so you may need to put in some extra hours to find a lender willing to work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you've chosen a lender in Michigan, you may see that your low credit score impacts your loan. A poor credit score might limit your borrowing and lead to higher interest rates. Higher interest rates will mean higher monthly payments and more spent over the life of the loan. Use our Interest Rate Estimator and Payment Calculator to see an estimate for the monthly payment on your Sterling Heights loan before even applying.
Do your potential interest rate and monthly payment have you worried? You should consider raising your credit score before you apply for Sterling Heights, Michigan car loans. Study our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal in Sterling Heights, MI for Bad Credit Car Loans
A low credit score can increase the rate on your car loan, making it more important than ever to compare costs and find the right loan in Sterling Heights, MI. myAutoloan wants to make sure you find the best loan — even without the best credit history. All you have to do is select your offer type and fill out our secure, confidential application. You'll see up to four loans at once so you can compare rates in minutes. After, you can choose the best loan for you and visit any dealership in Sterling Heights with cash in hand.
Need a new ride? Your poor credit doesn’t have to stop you. Apply now and compare up to four bad credit auto loans in Sterling Heights, MI through myAutoloan!