Do I Have Bad Credit in Smithfield, NC?
When you try to borrow money — like a car loan — lenders in North Carolina look at your credit score to figure out how likely you are to repay it. Your credit score is calculated using many factors, including the age of your credit accounts, the number of open accounts you have, any remaining loan balances, and your repayment history. While each Smithfield, NC lender has its own guidelines for what’s considered a poor credit score, you are often seen as having bad credit if your score is less than 600. Lenders will also be worried if you've experienced repossession, bankruptcy, or foreclosure.
Is it Possible to Get a Car Loan in Smithfield, 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. However, financing a car in Smithfield, NC with bad credit won't necessarily be easy. First off, not every lender offers poor or no credit loans, so you may need to spend some extra time finding a lender who will help with your financing. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
When you find a lender in North Carolina, you may learn your low credit score impacts your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. High interest rates also mean higher monthly payments and more spent over the life of the loan. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Smithfield loan might look like before filling out an application.
Do your potential interest rate and monthly payment have you sweating? You might want to consider increasing your credit score before you apply for Smithfield, North Carolina car loans. View our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal in Smithfield, NC for Bad Credit Car Loans
A low credit score can increase your car loan rate, making it more critical than ever to compare costs and find the right loan in Smithfield, NC. myAutoloan is here 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 once, allowing you to compare rates in minutes. To finish, you can select the loan that looks best to you and head to your favorite Smithfield dealership with a check in hand.
Need a new ride? Your poor credit doesn’t have to stop you. Apply today through myAutoloan and compare up to four Smithfield, NC bad credit auto loans!