What Counts as Bad Credit in Conway, SC?
When you apply for any type of loan, lenders in South Carolina look at your credit score to decide 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 lender in Conway, SC will have its own guidelines for what’s considered a poor credit score, you could be seen as having bad credit if you have a score below 600. Lenders will also be nervous if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Conway, SC with Low Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. Keep in mind, it's going to be harder to finance a car with bad credit in Conway, SC. First off, 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 who will help with your financing. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you've chosen a lender in South Carolina, you may see that your low credit score affects your loan. A poor credit score might limit your borrowing and lead to higher interest rates. Higher interest rates will mean larger monthly payments and overall repayment. Tools like our Interest Rate Estimator and Payment Calculator can help you see an estimate for the monthly payment on your Conway loan before you apply.
Worried about your potential interest rate and monthly payment? You may want to think about boosting your credit score before you start applying for auto loans in Conway, South Carolina. Check out our Guide to Better Credit for Auto Financing to learn about credit scores and how you can quickly raise yours.
Find the Best Deal on Poor Credit Car Loans in Conway, SC
A low credit score can increase the rate on your car loan, making it more important than ever to compare lenders in Conway, SC and find the right deal. 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 fill out 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 loan that looks best to you and head to your local Conway dealership with money in hand.
Need 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 Conway, SC!