What Counts as Bad Credit in Wayne, MI?
When you borrow money — like a car loan — lenders in Michigan look at your credit score to figure out the chances 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 Wayne, MI lender has its own criteria for what’s considered a poor credit score, you are often seen as having bad credit if your score falls below 600. Lenders will also be nervous if you've experienced repossession, bankruptcy, or foreclosure.
Can I Still Get a Car Loan in Wayne, MI with Low Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. Keep in mind, financing a car in Wayne, MI with bad credit won't necessarily be easy. First off, 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 help with your financing. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you've found a lender in Michigan, you may notice your low credit score affects 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 total repayment. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Wayne loan could look like before you apply.
Concerned about your possible interest rate and monthly payment? You should look into boosting your credit score before you apply for Wayne, Michigan car loans. View our Guide to Better Credit for Auto Financing to learn about credit scores and how you can quickly raise yours.
Find the Best Deal on Poor Credit Car Loans in Wayne, MI
A low credit score can increase your car loan rate, so it's more critical than ever to compare lending options and find the right deal in Wayne, MI. myAutoloan is here to help you find the best loan — no matter your credit history. All you have to do is choose your offer type and complete a confidential, secure application. We'll show you up to four loans at once, allowing you to compare rates in minutes. Then, you can choose the best loan for you and head to your local Wayne dealership with a loan 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 Wayne, MI bad credit auto loans!