How Do I Know If I Have Bad Credit in Chapel Hill, NC?
When you try to borrow money — like a car loan — North Carolina lenders 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 Chapel Hill, NC lender has its own benchmarks for what it deems a poor credit score, you may be seen as having bad credit if your score sits under the 600 benchmark. Lenders will also be worried if you've experienced repossession, bankruptcy, or foreclosure.
Can I Get a Car Loan in Chapel Hill, NC If I Have Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. But, financing a car with bad credit in Chapel Hill, NC will come with some challenges. To begin with, not all lenders are willing to give a loan to someone with no or poor credit, so you may need to put in some extra hours to find a lender who will work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you find a lender in North Carolina, you may learn your low credit score impacts your loan. A poor credit score might limit your borrowing and lead to higher interest rates. Higher interest rates will mean higher monthly payments and overall repayment. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Chapel Hill loan might look like before filling out an application.
Concerned about your possible interest rate and monthly payment? You may want to consider raising your credit score before you start applying for auto loans in Chapel Hill, North Carolina. Study our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal in Chapel Hill, NC for Bad Credit Car Loans
A bad credit score can increase the rate on your car loan, so it's more critical than ever to compare lending options and find the right deal in Chapel Hill, NC. At myAutoloan, we want to help you find the best loan — even without the best 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 a time so you can compare rates in minutes. To finish, you can select the best loan for you and head down to your go-to dealership in Chapel Hill with money in hand.
Need a new ride? Bad credit doesn't have to get in the way. Apply today through myAutoloan and compare up to four Chapel Hill, NC bad credit auto loans!