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Yes, you can get a car loan with a credit score of 600. However, it can be harder to find lenders that will approve you for a loan with such a low credit score. More importantly, you might not get the desired rates or loan amount you want with 600.
Credit scores are indicative of your ability to carry and pay back debt. Lower credit scores raise red flags for lenders. Whether you’ve defaulted, used too much credit, or have little history, it can be an issue.
However, because car loans are a type of installment loan and secured loan, more lenders are willing to work with you because the car can be repossessed if you miss your payments.
What Is the Minimum Credit Score Required to Buy a Car?
In some cases, you may not need a credit score to purchase a car. However, you may need to put more money down and deal with higher interest rates. This isn’t always desirable. If you have a credit score, you want to leverage it to finance your car.
So, what is the minimum? If you have a 600 credit score, you’re not far off. Most agree that a 660 credit score is the bare minimum you should have when you’re looking to buy a car. This will get you a decent loan with fair rates.
That being said, it’s not unheard of for those with a 500 score to get financing. It depends on your situation and what’s available to you.
But as with anything, a higher credit score will offer much better results. You’ll have more lenders and better rates to choose from with a higher score. Keep this in mind before you begin shopping for your next vehicle.
Credit Scores and Interest Rates – How Do They Work?
The better your credit score, the easier it will be to land lower interest rates. But what exactly can you expect when you begin reaching out for an auto loan? Credit score statistics show a correlation between credit score ranges and average APRs as follows.