What Counts as Bad Credit in Columbia, SC?
When you try to borrow money — like a car loan — South Carolina lenders look at your credit score to evaluate how likely you are to repay it. Many factors go into 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 lender in Columbia, SC has its own guidelines for what's considered a bad credit score, you may be 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.
Is it Possible to Get a Car Loan in Columbia, SC 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 with bad credit in Columbia, SC will come with some challenges. To begin with, not every lender is willing to give a loan to someone with poor or no credit, so you may need to put in extra effort to find a lender who will help with your financing. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
When you find a lender in South Carolina, you may discover your loan is impacted by your low credit score. A poor credit score might limit your borrowing and lead to higher interest rates. Higher interest rates will mean higher monthly payments and overall loan costs. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Columbia loan might look like before filling out an application.
Worried about your potential interest rate and monthly payment? You might want to consider raising your credit score before you apply for Columbia, South Carolina car loans. View our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal on Poor Credit Car Loans in Columbia, SC
A low credit score can increase the rate on your car loan, making it more critical than ever to compare lending options and find the right deal in Columbia, SC. myAutoloan wants to help you find the best loan — regardless of your credit history. All you have to do is choose 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 select the loan that looks best to you and head down to your go-to dealership in Columbia with money in hand.
Ready to purchase a new ride? Your poor credit doesn’t have to stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Columbia, SC!