What Is Considered Bad Credit in Morehead City, NC?
When you try to borrow money — like a car loan — lenders in North Carolina look at your credit score to determine the chances of you repaying it. Many factors play into your credit score, including your repayment history, the number of accounts you have open, the age of your credit accounts, and any remaining loan balances. While each Morehead City, NC lender has its own benchmarks for what's considered a bad credit score, you are often seen as having bad credit if your score falls below 600. Lenders will also be nervous if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Morehead City, 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 short answer? Yes. However, financing a car in Morehead City, NC with bad credit won't necessarily be easy. Most notably, not every lender offers poor or no credit loans, so you may need to put in some extra hours to find a lender inclined to work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you find a lender in North Carolina, you may learn 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 larger monthly payments and more spent over the life of the loan. With our Interest Rate Estimator and Payment Calculator, you can see an estimate for the monthly payment on your Morehead City loan before filling out an application.
Worried about your potential interest rate and monthly payment? You may want to look into raising your credit score before you apply for Morehead City, North Carolina car loans. Check out our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal on Morehead City, NC Poor Credit Car Loans
A poor credit score can raise your car loan rate, so it's more critical than ever to compare costs and find the right loan in Morehead City, NC. At myAutoloan, we want to help you find the best loan — even without the best credit history. All you need to do is select 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. Then, you can select the best loan for you and head to your favorite Morehead City dealership with a check in hand.
Need a new ride? Bad credit doesn't have to get in the way. Apply today through myAutoloan and compare up to four Morehead City, NC bad credit auto loans!