What Counts as Bad Credit in Washington, MI?
When you apply for any type of loan, Michigan lenders use your credit score to figure out the chances of you repaying it. Many factors go into 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 each lender in Washington, MI has its own benchmarks for what's considered a bad credit score, you could be seen as having bad credit if your score is less than 600. Lenders will also be worried if you've gone through bankruptcy, repossession, or foreclosure.
Can I Get a Car Loan in Washington, MI If I Have 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 simple answer is yes. Still, financing a car with bad credit in Washington, MI will come with some challenges. Most notably, not every lender is willing to give a loan to someone with poor or no credit, so you may need to spend some extra time finding a lender willing to work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you've found a lender in Michigan, you may learn your low credit score affects your loan. A poor credit score can limit your borrowing and result in higher interest rates. This high interest rate will lead to higher monthly payments and more spent over the life of the loan. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Washington loan might look like before completing an application.
Do your potential interest rate and monthly payment have you worried? You may want to consider increasing your credit score before applying for Washington, Michigan auto loans. Take a look at our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal in Washington, MI for Bad Credit Car Loans
A low credit score can raise your car loan rate, making it more crucial than ever to compare costs to find the right deal in Washington, MI. At myAutoloan, we want to help you find the best loan — despite your credit history. All you have to do is 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. After, you can select the right loan for you and visit any dealership in Washington with a check in hand.
Why wait to get a new ride? Poor credit shouldn't stop you. Apply through myAutoloan now and review up to four Washington, MI bad credit car loans!