Trying to qualify for an auto loan with a 517 credit score is extremely expensive, if not downright impossible.
There’s too much risk for a car lender without charging extremely high interest rates.
Even if you could take out an auto loan with a 517 credit score, you probably don’t want to.
Can I get a car loan with a credit score of 500?
Car loan rates by credit score
If you’re a super prime borrower with a credit score of 781 or higher, you can expect to get the lowest rates. If you’re a deep subprime borrower with a credit score of 500 or below, you can expect to pay a rate that’s about 10 percent higher than what a super prime borrower will pay.
Can I get a car loan with a 540 credit score?
Credit Score of 540: Car Loans
Buying a car with a credit score of 540 is possible, but higher interest rates are always given to people with bad credit. First, let’s take the average amount borrowed by car buyers: $27,000 according to Melinda Zabritski, Experian’s senior director of automotive credit.
Can I get a car loan with a credit score of 620?
A Minimum Credit Score for a Car Loan Doesn’t Exist
Minimum acceptable credit scores will often depend on the lender, but dealerships typically hover around the 620 mark. However, many lenders are willing to work with people with lower-than-average credit scores.
What is a decent credit score to buy a car?
The borrowers with the best rates are above 660. A good credit score to buy a car is usually above 660, which is the minimum score to be considered a “prime” borrower by Experian. However, there’s no industry-wide, official minimum credit score in order to qualify for an auto loan.