What Is Considered Bad Credit in Oxford, NC?
When you borrow money — like a car 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 each Oxford, NC lender will have its own guidelines for what it considers a poor credit score, you are often seen as having bad credit if your score is less than 600. Lenders will also be more cautious if you've gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Oxford, NC with Low Credit?
You're not the first car buyer to wonder, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. Still, financing a car in Oxford, NC with bad credit won't necessarily be easy. For starters, 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 who will work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you've found a lender in North Carolina, you may see that your low credit score changes your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. This high interest rate will also mean larger 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 Oxford loan could look like before even applying.
Worried about your potential interest rate and monthly payment? You may want to consider improving your credit score before you start applying for auto loans in Oxford, North Carolina. Take a look at our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal in Oxford, NC for Bad Credit Car Loans
A bad credit score can increase your car loan rate, making it more crucial than ever to compare costs and find the right loan in Oxford, NC. myAutoloan wants to make sure you find the best loan — no matter your credit history. Simply choose your offer type and fill out our secure, confidential application. We'll show you up to four loans at once, allowing you to compare rates in minutes. After, you can choose the best loan for you and head down to your go-to dealership in Oxford with a check in hand.
Ready to purchase a new ride? Bad credit doesn't have to get in the way. Apply through myAutoloan now and review up to four Oxford, NC bad credit car loans!