No, there’s no concrete minimum credit score for buying a car.
In fact, even people with scores of 500 or less can qualify for auto financing with select lenders — especially if that lender specializes in those with poor credit.
Lower scores, however, typically result in higher interest rates.
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 with a 450 credit score?
Auto Loan: 400-450 Credit Score
The extra security provided by the collateral means you may successfully obtain an auto loan with a 400 to 450 credit score, but don’t expect to finance that six-digit car. Even that four-digit car will likely require a sizable down payment with a low credit score.
Can I get a car with a 520 credit score?
520 Credit Score Loan & Credit Card Options
Credit cards and auto loans offer the best approval odds for someone with a 520 credit score. For example, people with credit scores below 580 take out roughly 12% of car loans versus only 6% of mortgages, according to 2017 Equifax data.
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.
How can I get a car with no down payment and bad credit?
Tips for Approval with No Money Down
- Stay at Your Current Job as Long as Possible. Subprime lenders love to see a steady history of employment.
- Stay at Your Current Residence for at Least a Year.
- Open and Maintain a Personal Bank Account.
- Get Smaller Lines of Credit in Your Name and Pay the Bills Every Month.
How much money do you have to put down on a car with bad credit?
If you have bad credit, poor credit, or even no credit you should expect to have a minimum down payment of 10% or $1,000 down for your car, whichever is higher. If you’re trying to get a high risk auto loan you may even have to have a higher down payment, closer to 20% of the sale price.