What Counts as Bad Credit in Murphy, NC?
When you try to borrow money — like a car loan — lenders in North Carolina use your credit score to decide 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 Murphy, NC lender will have its own guidelines for what it considers a poor credit score, you are often seen as having bad credit if you have a score below 600. Lenders will also be more cautious if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Murphy, 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 is yes. Still, you'll likely face some challenges financing a car with bad credit in Murphy, NC. Most notably, not every lender is willing to give a loan to someone with poor or no credit, so it may take some extra time to find a lender who will help with your financing. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you find a lender in North Carolina, you may learn your low credit score affects your loan. 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 overall repayment. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Murphy loan might be before you apply.
Worried about your potential interest rate and monthly payment? You should look into boosting your credit score before you apply for Murphy, North Carolina car loans. Study our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal in Murphy, NC for Bad Credit Car Loans
A poor credit score can increase your car loan rate, so it's more critical than ever to compare lenders in Murphy, NC and find the right deal. myAutoloan wants to make sure you find the best loan — regardless of your credit history. Simply choose your offer type and complete or confidential and secure application. We'll show you up to four loans in minutes so you can easily compare rates. To finish, you can select the right loan for you and head to your favorite Murphy dealership with a check in hand.
Why wait to get a new ride? Bad credit doesn't have to stop you. Apply today through myAutoloan and compare up to four Murphy, NC bad credit auto loans!