What Counts as Bad Credit in Utica, MI?
When you apply for a car loan, mortgage, or another type of loan, lenders in Michigan use your credit score to evaluate the likelihood of you repaying it. Many factors go into your credit score, 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 Utica, MI will have its own guidelines for what’s considered a poor credit score, you could be seen as having bad credit if you have a score below 600. Lenders will also be worried if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Utica, MI with Bad 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. Still, you'll likely face some challenges financing a car with bad credit in Utica, MI. To begin with, 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 discover 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 also mean higher monthly payments and overall repayment. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Utica loan could look like before even applying.
Worried about your potential interest rate and monthly payment? You should think about raising your credit score before you start applying for auto loans in Utica, Michigan. Study our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal on Poor Credit Car Loans in Utica, MI
A bad credit score can raise your car loan rate, making it more crucial than ever to compare costs to find the right deal in Utica, MI. myAutoloan is here to help you find the best loan — despite your credit history. Simply choose 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. Finally, you can choose the best loan for you and head to your local Utica dealership with cash in hand.
Why wait to get a new ride? Bad credit doesn't have to get in the way. Apply today through myAutoloan and compare up to four Utica, MI bad credit auto loans!