What Is Considered Bad Credit in Summerville, SC?
When you try to borrow money — like a car loan — South Carolina lenders use your credit score to determine the likelihood of you repaying it. Many factors go into your credit score, including the number of open accounts you have, your repayment history, the age of your credit accounts, and any remaining loan balances. While each Summerville, SC lender has its own guidelines for what’s considered a poor credit score, you are often seen as having bad credit if you have a score below 600. Lenders will also be more cautious if you've experienced repossession, bankruptcy, or foreclosure.
Can I Still Get a Car Loan in Summerville, 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 simple answer is yes. Still, it's going to be harder to finance a car with bad credit in Summerville, SC. Most notably, not all lenders are willing to give a loan to someone with no or poor credit, so it may take some extra time to find a lender inclined to 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 discover your low credit score affects your loan. A poor credit score can limit your borrowing and result in higher interest rates. Higher interest rates will mean higher monthly payments and overall repayment. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Summerville loan might look like before filling out an application.
Concerned about your possible interest rate and monthly payment? You should think about raising your credit score before applying for Summerville, South Carolina auto loans. Study our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal in Summerville, SC for Bad Credit Car Loans
A low credit score can raise your car loan rate, so it's more critical than ever to compare costs to find the right deal in Summerville, SC. 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 a confidential, secure application. We'll show you up to four loans in minutes so you can easily compare rates. Finally, you can select the right loan for you and visit any dealership in Summerville with a check in hand.
Ready to purchase your next ride? Poor credit shouldn't stop you. Apply now and compare up to four bad credit auto loans in Summerville, SC through myAutoloan!