What Is Considered Bad Credit in Boone, NC?
When you try to borrow money — like a car loan — North Carolina lenders look at your credit score to determine the probability that you'll repay 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 every lender in Boone, NC will have its own guidelines for what's considered a low credit score, you may be seen as having bad credit if you have a score below 600. Lenders will also be wary if you've gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Boone, NC with Low 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. Keep in mind, you'll likely face some challenges financing a car with bad credit in Boone, NC. To begin with, 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 willing to work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you find a lender in North Carolina, you may discover your low credit score impacts your loan. A poor credit score can result in limited borrowing and higher interest rates. This high interest rate will also mean higher monthly payments and more spent over the life of the loan. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Boone loan might be before filling out an application.
Do your potential interest rate and monthly payment have you worried? You may want to think about increasing your credit score before you start applying for auto loans in Boone, North Carolina. Check out our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal in Boone, NC for Bad Credit Car Loans
A low 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 Boone, NC. myAutoloan wants to make sure you find the best loan — despite your credit history. All you have to do is select your offer type and fill out our secure, confidential application. We’ll show you up to four loans at a time so you can compare rates in minutes. Then, you can select the right loan for you and head down to your go-to dealership in Boone with a check in hand.
Ready to purchase a new ride? Bad credit doesn't have to get in the way. Apply through myAutoloan now and review up to four Boone, NC bad credit car loans!