How Do I Know If I Have Bad Credit in White Lake, MI?
When you borrow money — like a car loan — Michigan lenders use your credit score to determine the probability that you'll repay it. Your credit score is calculated using many factors, including the number of open accounts you have, your repayment history, the age of your credit accounts, and any remaining loan balances. While every White Lake, MI lender has its own benchmarks for what it deems a poor credit score, you might be seen as having bad credit if your score is lower than 600. Lenders will also be worried if you've experienced repossession, bankruptcy, or foreclosure.
Can I Still Get a Car Loan in White Lake, MI with Low 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, it's going to be harder to finance a car with bad credit in White Lake, MI. For starters, not every lender is willing to give a loan to someone with poor or no credit, so you may need to put in some extra hours to find 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 discover your loan is impacted by your low credit score. A poor credit score might limit your borrowing and lead to higher interest rates. High interest rates also mean higher monthly payments and more spent over the life of the loan. Use our Interest Rate Estimator and Payment Calculator to see an estimate for the monthly payment on your White Lake loan before even applying.
Do your potential interest rate and monthly payment have you worried? You should contemplate increasing your credit score before you apply for White Lake, Michigan car loans. Take a look at 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 White Lake, MI
A low credit score can increase your car loan rate, making it more crucial than ever to compare lending options and find the right deal in White Lake, MI. myAutoloan wants to make sure you find the best loan — regardless of your credit history. All you need to do is select your offer type and complete or confidential and secure application. We'll show you up to four loans at once, allowing you to compare rates in minutes. Then, you can select the loan that looks best to you and visit any dealership in White Lake with cash in hand.
Why wait to get a new ride? Bad credit doesn't have to get in the way. Apply through myAutoloan now and review up to four White Lake, MI bad credit car loans!