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Can I get a car loan with a 562 credit score?
I know my 562 credit score isn’t exactly setting the world on fire. The only issue is that my current car is about to die, and I still need some wheels to get to work. Will a lender approve me for a car loan with a 562 credit score?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You might be able to get a
car loan
with a 562 credit score. However, finding a willing lender might prove difficult, and even if you are approved, the interest rate is likely to be high. According to NerdWallet, a borrower with your credit score has an average car loan interest rate of:- 9.92% for new cars
- 15.91% for used cars
If you can’t find a willing lender among banks, dealerships, or credit unions, you may want to try a lender that specializes in bad credit loans or a buy here pay here dealership. Both will likely approve your application, but you should expect an interest rate that’s in the 15% to 20% range. Avoid these if possible unless you’re in a pinch.
In a best-case scenario, get a cosigner for your loan. A cosigner vouches for the loan on your behalf, but they also take a hit on their credit if you fail to pay for your loan. Trust is everything in these situations, so make sure you pay on time and only choose a trusted friend or family member to act as your cosigner.
No matter how you go about getting a car loan, the lender will mandate that you have full coverage car insurance. This can get expensive, so shopping around is the best solution possible. That’s when the
Jerry
app can help.Jerry is a licensed insurance broker that will search for 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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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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