Do I Have Bad Credit in Greenwood, SC?
When you borrow money — like a car loan — South Carolina lenders use your credit score to determine the probability that you'll repay it. Your credit score is calculated using many factors, including your repayment history, the number of accounts you have open, the age of your credit accounts, and any remaining loan balances. While each Greenwood, SC lender will have its own guidelines for what it deems a poor credit score, you might be seen as having bad credit if your score sits under the 600 benchmark. Lenders will also be wary if you've experienced repossession, bankruptcy, or foreclosure.
Can I Still Get a Car Loan in Greenwood, SC with Bad Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. However, it's going to be harder to finance a car with bad credit in Greenwood, SC. To begin with, not every lender offers poor or no credit loans, so you may need to put in some extra hours to find a lender who will work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you find a lender in South Carolina, you may notice your low credit score changes your loan. A poor credit score can result in limited borrowing and higher interest rates. High interest rates also mean higher monthly payments and more spent over the life of the loan. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Greenwood loan might be before filling out an application.
Concerned about your possible interest rate and monthly payment? You may want to contemplate increasing your credit score before applying for auto loans in Greenwood, South Carolina. Study our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal on Poor Credit Car Loans in Greenwood, SC
A poor credit score can increase the rate on your car loan, making it more crucial than ever to compare costs to find the right deal in Greenwood, SC. myAutoloan is here to help you find the best loan — no matter your credit history. All you have to do is select 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 select the right loan for you and visit any dealership in Greenwood with a check in hand.
Ready to purchase a new ride? Bad credit doesn't have to get in the way. Apply through myAutoloan now and review up to four Greenwood, SC bad credit car loans!