What Counts as Bad Credit in Troy, MI?
When you try to borrow money — like a car loan — Michigan lenders look at your credit score to decide the likelihood of you repaying 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 Troy, MI lender has its own benchmarks for what's considered a low credit score, you are often seen as having bad credit if you have a score below 600. Lenders will also be wary if you've experienced repossession, bankruptcy, or foreclosure.
Can I Still Get a Car Loan in Troy, 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 is yes. But, financing a car in Troy, MI with bad credit won't necessarily be easy. To begin with, not every lender is willing to give a loan to someone with poor or no credit, so it may take some extra time to find a lender who will work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you find a lender in Michigan, you may see that your loan is impacted by your low credit score. You may have limited borrowing power and a higher interest rate due to your poor credit score. Higher interest rates will mean larger monthly payments and overall repayment. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Troy loan might look like before you apply.
Concerned about your possible interest rate and monthly payment? You might want to look into boosting your credit score before applying for Troy, Michigan auto loans. Check out our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Poor Credit Car Loans in Troy, MI
A bad credit score can increase your car loan rate, making it more crucial than ever to compare lenders in Troy, MI and find the right deal. myAutoloan wants to make sure you find the best loan — regardless of your credit history. All you have to do is choose your offer type and complete our secure, confidential application. You'll see up to four loans at once so you can compare rates in minutes. Then, you can select the best loan for you and head to your favorite Troy dealership with money in hand.
Ready to purchase a new ride? Poor credit shouldn't stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Troy, MI!