They normally qualify for competitive interest rates on their loans as well.
However, even consumers with credit scores of 600 or less can get approved for an auto loan.
Therefore, if a consumer finds that their credit score is 600 or lower, they should look for a dealership that handles special financing.
How much of a loan can you get with a 600 credit score?
Home Loan: 550-600 Credit Score
Even if you can’t reach 20%, you’ll need at least 10% to qualify for an FHA loan if your credit score is below 580, and at least 3.5% to qualify if your score is 580 or above.
What is a decent credit score to buy a car?
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.
Can I get a car loan with a credit score of 630?
You need a loan to buy a car, but with fair credit — generally a credit score between 630 and 689 — you worry you won’t qualify for a good interest rate. You might also be concerned that, with a lower credit score, the dealer might mark up your rate above what you really deserve.
What credit score is needed to buy a car without a cosigner?
Finally, select where you live.
|Name||Minimum credit score||Loan term|
|SuperMoney Auto Purchase Loans Marketplace||600||Varies by lender|
|CarsDirect Auto Loans||Varies by network lender|
|Auto Credit Express Car Loans||300||Varies by lender|
|Monevo Auto Loans||500||3 months to 12 years|
3 more rows