What Counts as Bad Credit in Asheboro, NC?
When you try to borrow money — like a car loan — lenders in North Carolina 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 Asheboro, NC will have its own guidelines for what’s considered a poor credit score, you might be seen as having bad credit if your score falls below 600. Lenders will also be wary if you've gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Asheboro, NC with Bad Credit?
You’re not the first car buyer asking, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. Still, you'll likely face some challenges financing a car with bad credit in Asheboro, NC. For starters, not every lender is willing to give a loan to someone with poor or no credit, so it may take some extra time to find a lender who will help with your financing. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
When you find a lender in North Carolina, you may discover your loan is impacted by your low credit score. 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. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Asheboro loan might look like before even applying.
Do your potential interest rate and monthly payment have you sweating? You may want to consider raising your credit score before you start applying for auto loans in Asheboro, North Carolina. 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 in Asheboro, NC for Bad Credit Car Loans
A poor credit score can raise the rate on your car loan, so it's more critical than ever to compare costs to find the right deal in Asheboro, NC. myAutoloan is here to help you find the best loan — no matter your credit history. All you have to do is select your offer type and complete our secure, confidential application. We'll show you up to four loans in minutes so you can easily compare rates. To finish, you can choose the best loan for you and head down to your go-to dealership in Asheboro with a loan in hand.
Why wait to get a new ride? Your poor credit doesn’t have to stop you. Apply now and compare up to four bad credit auto loans in Asheboro, NC through myAutoloan!