What Counts as Bad Credit in Raleigh, NC?
When you apply for any type of loan, lenders in North Carolina look at your credit score to evaluate the probability that you'll repay it. Many factors go 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 every lender in Raleigh, NC has its own criteria for what’s considered a poor credit score, you may be seen as having bad credit if your score falls below 600. Lenders will also be worried if you have a history of bankruptcy, foreclosure, or repossession.
Is it Possible to Get a Car Loan in Raleigh, NC with Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. Still, you'll likely face some challenges financing a car with bad credit in Raleigh, NC. First off, 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 inclined to work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
When you find a lender in North Carolina, you may notice 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 lead to higher monthly payments and overall loan costs. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Raleigh loan could look like before completing an application.
Worried about your potential interest rate and monthly payment? You might want to contemplate boosting your credit score before you start applying for auto loans in Raleigh, 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 on Raleigh, NC Poor Credit Car Loans
A poor credit score can raise the rate on your car loan, making it more crucial than ever to compare lenders in Raleigh, NC and find the right deal. myAutoloan wants to make sure you find the best loan — regardless of your credit history. All you have to do is select your offer type and complete a confidential, secure application. We’ll show you up to four loans at a time so you can compare rates in minutes. Finally, you can select the right loan for you and visit any dealership in Raleigh with a check in hand.
Why wait to get a new ride? Your poor credit doesn’t have to stop you. Apply through myAutoloan now and review up to four Raleigh, NC bad credit car loans!