What Is Considered Bad Credit in Florence, SC?
When you borrow money — like a car loan — lenders in South Carolina use your credit score to decide how likely you are to repay it. Your credit score is calculated using many factors, including the age of your credit accounts, the number of open accounts you have, any remaining loan balances, and your repayment history. While each Florence, SC lender has its own benchmarks for what it deems a poor credit score, you may be seen as having bad credit if your score is lower than 600. Lenders will also be worried if you've gone through bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Florence, SC with Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer is yes. However, it's going to be harder to finance a car with bad credit in Florence, SC. For starters, not every lender is willing to give a loan to someone with poor or no credit, so it may take some extra time to find a lender who will work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you've chosen a lender in South Carolina, you may see that your low credit score changes your loan. A poor credit score can limit your borrowing and result in higher interest rates. This high interest rate will also mean higher monthly payments and overall repayment. With our Interest Rate Estimator and Payment Calculator, you can see an estimate for the monthly payment on your Florence loan before filling out an application.
Do your potential interest rate and monthly payment have you sweating? You should consider raising your credit score before you apply for Florence, South Carolina car 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 on Bad Credit Car Loans in Florence, SC
A low credit score can raise your car loan rate, so it's more critical than ever to compare lenders in Florence, SC and find the right deal. myAutoloan wants to make sure you find the best loan — no matter your credit history. Simply choose your offer type and complete our secure, confidential application. We'll show you up to four loans in minutes so you can easily compare rates. To finish, you can choose the best loan for you and head down to your go-to dealership in Florence with a check in hand.
Ready to purchase your next ride? Bad credit doesn't have to stop you. Apply today through myAutoloan and compare up to four Florence, SC bad credit auto loans!