What Counts as Bad Credit in Burlington, NC?
When you apply for a car loan, mortgage, or another type of loan, lenders in North Carolina use your credit score to determine the likelihood of you repaying it. Many factors influence 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 Burlington, NC has its own benchmarks for what's considered a bad credit score, you may be seen as having bad credit if your score falls below 600. Lenders will also be more cautious if you've gone through bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Burlington, 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?” The simple answer is yes. However, financing a car in Burlington, NC with bad credit won't necessarily be easy. For starters, not every lender feels comfortable giving loans to people with poor or no 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.
When you find a lender in North Carolina, 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. High interest rates also mean higher monthly payments and more spent over the life of the loan. Tools like our Interest Rate Estimator and Payment Calculator can help you see an estimate for the monthly payment on your Burlington loan before completing an application.
Do your potential interest rate and monthly payment have you worried? You might want to look into increasing your credit score before you apply for Burlington, North Carolina car loans. Study our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Burlington, NC Poor Credit Car Loans
A poor credit score can raise your car loan rate, making it more important than ever to compare lending options and find the right deal in Burlington, NC. At myAutoloan, we want to help you find the best loan — even without the best credit history. All you have to do is choose your offer type and complete a confidential, secure application. You'll see up to four loans at once so you can compare rates in minutes. Finally, you can select the best loan for you and head down to your go-to dealership in Burlington with a loan in hand.
Why wait to get a new ride? Bad credit doesn't have to stop you. Apply through myAutoloan now and review up to four Burlington, NC bad credit car loans!