What Counts as Bad Credit in Swansboro, NC?
When you try to borrow money — like a car loan — lenders in North Carolina use your credit score to figure out the probability that you'll repay it. Your credit score is calculated using many factors, including the number of open accounts you have, your repayment history, the age of your credit accounts, and any remaining loan balances. While each Swansboro, NC lender has its own criteria for what it considers a poor credit score, you are often seen as having bad credit if your score is lower than 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 Swansboro, NC with Bad Credit?
Many car buyers have asked, “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 Swansboro, NC. To begin with, not every lender feels comfortable giving loans to people with poor or no credit, so you may need to put in extra effort to find a lender who will help with your financing. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you've found a lender in North Carolina, you may learn your low credit score changes your loan. A poor credit score can result in limited borrowing and higher interest rates. This high interest rate will also mean higher 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 Swansboro loan could look like before even applying.
Do your potential interest rate and monthly payment have you worried? You should think about boosting your credit score before applying for auto loans in Swansboro, North Carolina. 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 Swansboro, NC for Bad Credit Car Loans
A bad credit score can raise the rate on your car loan, making it more critical than ever to compare costs to find the right deal in Swansboro, NC. myAutoloan is here to help you find the best loan — no matter your credit history. All you have to do is choose your offer type and complete our secure, confidential application. We’ll show you up to four loans at a time so you can compare rates in minutes. To finish, you can select the best loan for you and head to your favorite Swansboro dealership with money in hand.
Need a new ride? Bad credit doesn't have to get in the way. Apply through myAutoloan now and review up to four Swansboro, NC bad credit car loans!