Do I Have Bad Credit in Kannapolis, NC?
When you apply for any type of loan, North Carolina lenders look at your credit score to evaluate the likelihood of you repaying it. Many factors go into your credit score, including the number of open accounts you have, your repayment history, the age of your credit accounts, and any remaining loan balances. While every lender in Kannapolis, NC has its own guidelines for what’s considered a poor credit score, you could be seen as having bad credit if your score falls below 600. Lenders will also be wary if you've experienced repossession, bankruptcy, or foreclosure.
Can I Still Get a Car Loan in Kannapolis, 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 short answer? Yes. Keep in mind, you'll likely face some challenges financing a car with bad credit in Kannapolis, NC. First off, not every lender feels comfortable giving loans to people with poor or no credit, so it may take some extra time to find a lender willing to work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you've found a lender in North Carolina, you may notice your low credit score affects your loan. A poor credit score can result in limited borrowing and higher interest rates. This high interest rate will lead to 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 Kannapolis loan might look like before filling out an application.
Do your potential interest rate and monthly payment have you sweating? You might want to look into raising your credit score before applying for Kannapolis, North Carolina auto loans. View our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal in Kannapolis, NC for Bad Credit Car Loans
A low credit score can increase the rate on your car loan, making it more important than ever to compare lenders in Kannapolis, NC and find the right deal. myAutoloan is here to help you find the best loan — even without the best credit history. All you have to do is select your offer type and complete our secure, confidential application. You'll see up to four loans at once so you can compare rates in minutes. To finish, you can choose the best loan for you and head to your favorite Kannapolis dealership with a check in hand.
Ready to purchase your next ride? Bad credit doesn't have to stop you. Apply through myAutoloan now and review up to four Kannapolis, NC bad credit car loans!