What Is Considered Bad Credit in Elizabeth City, NC?
When you try to borrow money — like a car loan — North Carolina lenders look at your credit score to determine the chances of you repaying it. Many factors go into your credit score, including the age of your credit accounts, the number of open accounts you have, any remaining loan balances, and your repayment history. While each Elizabeth City, NC lender has its own guidelines for what it deems a poor credit score, you might be seen as having bad credit if your score falls below 600. Lenders will also be worried if you’ve experienced bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Elizabeth City, NC with Bad Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. Still, financing a car with bad credit in Elizabeth City, NC will come with some challenges. Most notably, not all lenders are willing to give a loan to someone with no or poor credit, so you may need to put in extra effort to find a lender inclined 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 see that your low credit score impacts your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. Higher interest rates will mean larger monthly payments and overall loan costs. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Elizabeth City loan might look like before completing an application.
Worried about your potential interest rate and monthly payment? You might want to think about boosting your credit score before applying for auto loans in Elizabeth City, North Carolina. Take a look at our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Elizabeth City, NC Poor Credit Car Loans
A low credit score can increase your car loan rate, making it more crucial than ever to compare lending options and find the right deal in Elizabeth City, NC. myAutoloan is here 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. After, you can choose the best loan for you and head down to your go-to dealership in Elizabeth City with cash in hand.
Why wait to get a new ride? Poor credit shouldn't stop you. Apply through myAutoloan now and review up to four Elizabeth City, NC bad credit car loans!