What Is Considered Bad Credit in Fletcher, NC?
When you apply for a car loan, mortgage, or another type of loan, North Carolina lenders look at your credit score to figure out how likely you are to repay it. Your credit score is calculated using many factors, including your repayment history, the number of accounts you have open, the age of your credit accounts, and any remaining loan balances. While each Fletcher, NC lender has its own benchmarks for what it deems a poor credit score, you are often seen as having bad credit if your score sits under the 600 benchmark. Lenders will also be nervous if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Fletcher, NC with Low 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 with bad credit in Fletcher, NC will come with some challenges. First off, 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 who will work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you find a lender in North Carolina, you may see that your loan is impacted by your low credit score. 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 overall repayment. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Fletcher loan might look like before even applying.
Worried about your potential interest rate and monthly payment? You may want to look into raising your credit score before applying for Fletcher, North Carolina auto loans. View our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal in Fletcher, 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 costs to find the right deal in Fletcher, NC. myAutoloan wants 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 at once, allowing you to compare rates in minutes. Finally, you can select the loan that looks best to you and head down to your go-to dealership in Fletcher with a check in hand.
Ready to purchase a new ride? Your poor credit doesn’t have to stop you. Apply through myAutoloan now and review up to four Fletcher, NC bad credit car loans!