What Is Considered Bad Credit in Charlotte, 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 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 each lender in Charlotte, NC has its own benchmarks for what it considers a poor credit score, you could be seen as having bad credit if you have a score below 600. Lenders will also be nervous if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Charlotte, NC with Bad Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. Still, financing a car in Charlotte, NC with bad credit won't necessarily be easy. First off, not every lender offers poor or no credit loans, 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 notice 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 overall loan costs. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Charlotte loan might be before you apply.
Do your potential interest rate and monthly payment have you worried? You may want to consider increasing your credit score before applying for Charlotte, North Carolina auto loans. Check out 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 Charlotte, NC Poor Credit Car Loans
A poor credit score can increase your car loan rate, making it more important than ever to compare lending options and find the right deal in Charlotte, NC. myAutoloan wants to help you find the best loan — despite your credit history. All you have to do is choose your offer type and complete a confidential, secure application. We'll show you up to four loans at once, allowing you to compare rates in minutes. To finish, you can select the right loan for you and head to your favorite Charlotte dealership with money in hand.
Need a new ride? Your poor credit doesn’t have to stop you. Apply today through myAutoloan and compare up to four Charlotte, NC bad credit auto loans!