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Can I get a car loan with a 450 credit score?
After making some poor decisions when I was younger, my credit score isn’t great. I’m in the midst of paying back some of my delinquent debt, but unfortunately, the car I need to get to my job just died. Is there any way I can get a car loan with a 450 credit score?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
With a 450 credit score, you may not get approval for a
car loan
without going through a specialized lender. A 450 credit score is in the deep subprime range, and most banks and credit unions aren’t willing to work with such a high-risk candidate.As a result, your alternatives are lenders that work with bad credit borrowers or a buy here pay here dealership. Even if you’re approved by one of these establishments, expect interest rates as high as 25%. If you take this loan, you’re going to be
upside down
on the car loan for years. Avoid these if possible.Your best option is to find a cosigner. A cosigner is a trusted family member or friend that has good or great credit. When they cosign for the loan, they basically vouch for you and can even get you a lower interest rate. But if you don’t pay the loan or you miss a payment, you can hurt their credit. Make sure you pay on time to avoid any sticky situations.
If you manage to find a willing lender, congratulations! But before you drive off the lot, make sure you get the right car insurance at the best rate by shopping with the
Jerry
app. Lenders will require full coverage car insurance, so putting in a bit of research can help you save tons of money every year.Jerry is a licensed insurance broker that will collect quotes from over 50 top-rated insurers in minutes. After you find a great rate, Jerry can help you buy new insurance and cancel your old policy. Users save an average of $887 per year.
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- Gregory R.
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