What Is Considered Bad Credit in Wilmington, NC?
When you try to borrow money — like a car loan — lenders in North Carolina use your credit score to figure out how likely you are to repay it. Many factors influence 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 every lender in Wilmington, NC has its own criteria for what it deems a poor credit score, you are often seen as having bad credit if you have a score below 600. Lenders will also be nervous if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Wilmington, NC with Low Credit?
You’re not the first car buyer asking, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. Still, financing a car with bad credit in Wilmington, NC will come with some challenges. To begin with, not all lenders are willing to give a loan to someone with no or poor credit, so it may take some extra time to find a lender willing 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 learn your low credit score affects your loan. A poor credit score can result in limited borrowing and higher interest rates. High interest rates also mean higher monthly payments and overall repayment. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Wilmington loan might be before you apply.
Concerned about your possible interest rate and monthly payment? You might want to think about boosting your credit score before you start applying for auto loans in Wilmington, North Carolina. Take a look at our Guide to Better Credit for Auto Financing to learn about credit scores and how you can quickly raise yours.
Find the Best Deal in Wilmington, NC for Bad Credit Car Loans
A bad credit score can increase your car loan rate, making it more critical than ever to compare costs and find the right loan in Wilmington, NC. At myAutoloan, we want to help you find the best loan — regardless of your credit history. All you need to do is select your offer type and complete our secure, confidential application. We'll show you up to four loans at once, allowing you to compare rates in minutes. After, you can select the right loan for you and head to your favorite Wilmington 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 Wilmington, NC bad credit car loans!