How Do I Know If I Have Bad Credit in Waterford, MI?
When you apply for a car loan, mortgage, or another type of loan, Michigan lenders look at your credit score to determine the probability that you'll repay it. Your credit score is calculated using many factors, including the age of your credit accounts, the number of open accounts you have, any remaining loan balances, and your repayment history. While every Waterford, MI lender 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 nervous if you've gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Waterford, MI with Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. Keep in mind, financing a car in Waterford, MI with bad credit won't necessarily be easy. First off, 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 inclined to work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you've found a lender in Michigan, you may learn your low credit score changes 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 total repayment. Tools like our Interest Rate Estimator and Payment Calculator can help you see an estimate for the monthly payment on your Waterford loan before filling out an application.
Do your potential interest rate and monthly payment have you sweating? You may want to contemplate improving your credit score before you start applying for auto loans in Waterford, Michigan. View 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 Waterford, MI
A poor credit score can increase your car loan rate, making it more crucial than ever to compare lending options and find the right deal in Waterford, MI. myAutoloan is here to help you find the best loan — even without the best credit history. All you have to do is select your offer type and complete a confidential, secure application. We’ll show you up to four loans at a time so you can compare rates in minutes. Finally, you can select the loan that looks best to you and head down to your go-to dealership in Waterford with cash in hand.
Why wait to get a new ride? Bad credit doesn't have to stop you. Apply now and compare up to four bad credit auto loans in Waterford, MI through myAutoloan!