Do I Have Bad Credit in Statesville, NC?
When you borrow money — like a car loan — lenders in North Carolina use your credit score to decide the likelihood of you repaying it. Many factors influence your credit score, including any remaining loan balances, your repayment history, the number of open accounts you have, and the age of your credit accounts. While every Statesville, NC lender has its own criteria for what it deems a poor credit score, you are often seen as having bad credit if your score is less than 600. Lenders will also be nervous if you've gone through bankruptcy, repossession, or foreclosure.
Can I Get a Car Loan in Statesville, NC If I Have 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?” Yes, you can. Keep in mind, you'll likely face some challenges financing a car with bad credit in Statesville, NC. Most notably, 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 willing to work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you've found a lender in North Carolina, you may notice your low credit score changes your loan. 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 repayment. With our Interest Rate Estimator and Payment Calculator, you can see an estimate for the monthly payment on your Statesville loan before even applying.
Do your potential interest rate and monthly payment have you worried? You should think about raising your credit score before you apply for Statesville, North Carolina car loans. Check out our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal in Statesville, NC for Bad Credit Car Loans
A bad credit score can raise your car loan rate, so it's more critical than ever to compare lenders in Statesville, NC and find the right deal. At myAutoloan, we want to help you find the best loan — no matter your credit history. All you need to do is select 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 to your local Statesville dealership with money in hand.
Ready to purchase your next ride? Bad credit doesn't have to stop you. Apply today through myAutoloan and compare up to four Statesville, NC bad credit auto loans!