Do I Have Bad Credit in Sumter, SC?
When you apply for a car loan, mortgage, or another type of loan, South Carolina lenders use your credit score to evaluate the probability that you'll repay it. Many factors influence 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 each Sumter, SC lender has its own criteria for what it deems a poor credit score, you are often seen as having bad credit if your score falls below 600. Lenders will also be worried if you have a history of bankruptcy, foreclosure, or repossession.
Is it Possible to Get a Car Loan in Sumter, 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. But, financing a car with bad credit in Sumter, SC will come with some challenges. First off, not every lender is willing to give a loan to someone with poor or no credit, so you may need to spend some extra time finding a lender inclined to work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
When you find a lender in South Carolina, you may see that your low credit score affects 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 more spent over the life of the loan. Use our Interest Rate Estimator and Payment Calculator to see an estimate for the monthly payment on your Sumter loan before completing an application.
Do your potential interest rate and monthly payment have you worried? You might want to look into boosting your credit score before you start applying for auto loans in Sumter, South Carolina. Study our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal in Sumter, 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 Sumter, SC. myAutoloan wants to help you find the best loan — despite your credit history. All you have to do is select your offer type and fill out our secure, confidential application. You'll see up to four loans at once so you can compare rates in minutes. After, you can select the right loan for you and head to your local Sumter dealership with a loan in hand.
Ready to purchase your next ride? Bad credit doesn't have to get in the way. Apply today through myAutoloan and compare up to four Sumter, SC bad credit auto loans!