What Counts as Bad Credit in Durham, NC?
When you apply for any type of loan, lenders in North Carolina use your credit score to determine the likelihood of you repaying it. Your credit score is calculated using many factors, 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 Durham, NC has its own criteria for what it considers a poor credit score, you might be seen as having bad credit if your score is lower than 600. Lenders will also be worried if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Durham, NC with Bad Credit?
You're not the first car buyer to wonder, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. But, financing a car in Durham, NC with bad credit won't necessarily be easy. Most notably, not every lender is willing to give a loan to someone with poor or no credit, so you may need to spend some extra time finding a lender willing to work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you've found a lender in North Carolina, you may discover your loan is impacted by your low credit score. A poor credit score can result in limited borrowing and higher interest rates. Higher interest rates will mean higher monthly payments and total repayment. Tools like our Interest Rate Estimator and Payment Calculator can help you see an estimate for the monthly payment on your Durham loan before completing an application.
Concerned about your possible interest rate and monthly payment? You may want to contemplate increasing your credit score before applying for Durham, North Carolina auto 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 Bad Credit Car Loans in Durham, NC
A poor credit score can increase the rate on your car loan, making it more crucial than ever to compare costs to find the right deal in Durham, NC. At myAutoloan, we want to help you find the best loan — no matter your credit history. All you have to do is choose 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. Then, you can select the right loan for you and head to your favorite Durham dealership with cash in hand.
Ready to purchase your next ride? Your poor credit doesn’t have to stop you. Apply today through myAutoloan and compare up to four Durham, NC bad credit auto loans!