Do I Have Bad Credit in Morganton, NC?
When you apply for a car loan, mortgage, or another type of loan, North Carolina lenders use your credit score to decide how likely you are to repay it. Many factors play 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 Morganton, NC lender will have its own guidelines 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 worried if you've experienced repossession, bankruptcy, or foreclosure.
Can I Still Get a Car Loan in Morganton, NC with Low Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. Still, financing a car with bad credit in Morganton, NC will come with some challenges. First off, not every lender is willing to give a loan to someone with poor or no 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 chosen a lender in North Carolina, you may discover your low credit score affects your loan. A poor credit score can limit your borrowing and result in higher interest rates. High interest rates also mean higher monthly payments and total repayment. Tools like our Interest Rate Estimator and Payment Calculator can help you see an estimate for the monthly payment on your Morganton loan before even applying.
Worried about your potential interest rate and monthly payment? You might want to look into raising your credit score before you start applying for auto loans in Morganton, 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 in Morganton, NC for Bad Credit Car Loans
A poor credit score can raise the rate on your car loan, so it's more critical than ever to compare costs and find the right loan in Morganton, NC. 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 complete or confidential and secure application. We’ll show you up to four loans at a time so you can compare rates in minutes. Then, you can select the right loan for you and head down to your go-to dealership in Morganton with a check in hand.
Why wait to get a new ride? Bad credit doesn't have to get in the way. Apply through myAutoloan now and review up to four Morganton, NC bad credit car loans!