Do I Have Bad Credit in Franklin, NC?
When you apply for any type of loan, lenders in North Carolina look at your credit score to evaluate the chances 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 every lender in Franklin, NC has its own guidelines for what it deems a poor credit score, you may be seen as having bad credit if your score is lower than 600. Lenders will also be nervous if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Get a Car Loan in Franklin, 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 short answer? Yes. Still, financing a car in Franklin, NC with bad credit won't necessarily be easy. For starters, not all lenders are willing to give a loan to someone with no or poor credit, so it may take some extra time to find a lender inclined to work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
When you find a lender in North Carolina, you may discover your loan is impacted by your low credit score. A poor credit score might limit your borrowing and lead to higher interest rates. This high interest rate will also mean higher monthly payments and total repayment. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Franklin loan might look like before completing an application.
Do your potential interest rate and monthly payment have you worried? You should contemplate boosting your credit score before applying for auto loans in Franklin, North Carolina. Check out our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal on Bad Credit Car Loans in Franklin, NC
A low credit score can increase your car loan rate, so it's more critical than ever to compare lenders in Franklin, NC and find the right deal. myAutoloan wants to help you find the best loan — regardless of your credit history. All you have to do is select your offer type and fill out our secure, confidential application. We’ll show you up to four loans at a time so you can compare rates in minutes. Finally, you can select the right loan for you and visit any dealership in Franklin with a check in hand.
Need a new ride? Your poor credit doesn’t have to stop you. Apply through myAutoloan now and review up to four Franklin, NC bad credit car loans!