What Is Considered Bad Credit in Traverse City, MI?
When you borrow money — like a car loan — lenders in Michigan look at your credit score to figure out the probability that you'll repay it. Your credit score is calculated using many factors, including the number of open accounts you have, your repayment history, the age of your credit accounts, and any remaining loan balances. While every Traverse City, MI lender will have its own guidelines for what it deems a poor credit score, you could be seen as having bad credit if your score is less than 600. Lenders will also be more cautious if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Traverse City, MI with Low Credit?
You're not the first car buyer to wonder, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. But, it's going to be harder to finance a car with bad credit in Traverse City, MI. For starters, not every lender feels comfortable giving loans to people with poor or no credit, so it may take some extra time to find a lender who will 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 see that your low credit score affects your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. High interest rates also mean higher monthly payments and more spent over the life of the loan. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Traverse City loan might be before completing an application.
Concerned about your possible interest rate and monthly payment? You may want to consider increasing your credit score before applying for auto loans in Traverse City, Michigan. Study our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal on Poor Credit Car Loans in Traverse City, MI
A low credit score can raise the rate on your car loan, so it's more critical than ever to compare lenders in Traverse City, MI and find the right deal. At myAutoloan, we want to help 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 visit any dealership in Traverse City with money in hand.
Ready to purchase a new ride? Your poor credit doesn’t have to stop you. Apply today through myAutoloan and compare up to four Traverse City, MI bad credit auto loans!