What Is Considered Bad Credit in Charleston, SC?
When you apply for a car loan, mortgage, or another type of loan, South Carolina lenders look at your credit score to figure out the probability that you'll repay it. Many factors go into 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 Charleston, SC lender will have its own guidelines for what it considers a poor credit score, you may be seen as having bad credit if you have a score below 600. Lenders will also be wary if you've experienced repossession, bankruptcy, or foreclosure.
Can I Still Get a Car Loan in Charleston, SC with 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. Still, financing a car in Charleston, SC with bad credit won't necessarily be easy. Most notably, not all lenders are willing to give a loan to someone with no or poor credit, so you may need to put in some extra hours to find a lender who will work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you've chosen a lender in South Carolina, you may learn your loan is impacted by your low credit score. 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. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Charleston loan could look like before completing an application.
Do your potential interest rate and monthly payment have you sweating? You might want to think about increasing your credit score before applying for Charleston, South Carolina auto loans. Check out our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal in Charleston, SC for Bad Credit Car Loans
A low credit score can raise your car loan rate, making it more important than ever to compare lending options and find the right deal in Charleston, SC. At myAutoloan, we want to help you find the best loan — even without the best credit history. All you have to do is choose 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. After, you can select the right loan for you and head to your favorite Charleston dealership with a check in hand.
Ready to purchase your next ride? Bad credit doesn't have to get in the way. Apply with myAutoloan today and compare up to four bad credit auto loans in Charleston, SC!