What Counts as Bad Credit in Lugoff, SC?
When you try to borrow money — like a car loan — South Carolina lenders use your credit score to evaluate how likely you are to repay it. Many factors go into your credit score, including the age of your credit accounts, the number of open accounts you have, any remaining loan balances, and your repayment history. While every lender in Lugoff, SC will have its own guidelines for what's considered a low credit score, you may be seen as having bad credit if your score falls below 600. Lenders will also be worried if you've gone through bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Lugoff, SC with Bad Credit?
You’re not the first car buyer asking, “Can I get a car loan with a credit score of 600 or less?” The short answer is yes. However, financing a car in Lugoff, SC with bad credit won't necessarily be easy. First off, not every lender offers poor or no credit loans, so it may take some extra time to find a lender inclined to work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you've found a lender in South Carolina, you may see that your low credit score changes your loan. A poor credit score might limit your borrowing and lead to higher interest rates. This high interest rate will lead to higher monthly payments and overall repayment. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Lugoff loan could look like before filling out an application.
Concerned about your possible interest rate and monthly payment? You should consider boosting your credit score before applying for Lugoff, South Carolina auto loans. View our Guide to Better Credit for Auto Financing to learn about credit scores and how you can quickly raise yours.
Find the Best Deal in Lugoff, SC for Bad Credit Car Loans
A bad credit score can raise your car loan rate, making it more crucial than ever to compare lending options and find the right deal in Lugoff, SC. At myAutoloan, we want to help you find the best loan — no matter your credit history. Simply choose 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. Finally, you can select the loan that looks best to you and head to your local Lugoff dealership with a check in hand.
Ready to purchase your next ride? Poor credit shouldn't stop you. Apply through myAutoloan now and review up to four Lugoff, SC bad credit car loans!