What Counts as Bad Credit in Simpsonville, 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 your repayment history, the number of accounts you have open, the age of your credit accounts, and any remaining loan balances. While each Simpsonville, SC lender will have its own guidelines for what's considered a low credit score, you could be seen as having bad credit if your score sits under the 600 benchmark. Lenders will also be worried if you've gone through bankruptcy, repossession, or foreclosure.
Can I Get a Car Loan in Simpsonville, SC If I Have 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. But, financing a car with bad credit in Simpsonville, SC will come with some challenges. For starters, not all lenders are willing to give a loan to someone with no or poor credit, so you may need to put in some extra hours to find a lender who will help with your financing. 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 notice your low credit score affects your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. Higher interest rates will 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 Simpsonville loan could look like before completing an application.
Do your potential interest rate and monthly payment have you sweating? You may want to look into improving your credit score before applying for Simpsonville, South Carolina auto 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 Simpsonville, SC
A bad credit score can raise the rate on your car loan, so it's more critical than ever to compare lenders in Simpsonville, SC and find the right deal. At myAutoloan, we want to help you find the best loan — even without the best credit history. All you need 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. Then, you can select the right loan for you and visit any dealership in Simpsonville with a check in hand.
Need a new ride? Bad credit doesn't have to stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Simpsonville, SC!