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Can I get a car loan with a 564 credit score?
My 564 credit score isn’t great, but I’ve been steadily improving it over the past year or so. My entire goal was to get my credit score high enough to get a car loan, but I don’t know if I’m there quite yet. Is a 564 credit score good enough?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You may be able to get a
car loan
with a 564 credit score, but you may have to jump through a few hoops to do so. Banks, credit unions, and dealerships are unlikely to approve you on credit alone, so you may have to take a few extra steps, such as:- Clean up your credit score by paying off some debt and any delinquencies.
- Make a sizable down payment, typically more than the usual 20%.
- Get a cosigner. These individuals sign for the loan with you, but they have good enough credit to put the lender’s mind at ease.
If none of these work, you can always try a lender that specializes in bad credit or a buy here pay here dealer. Keep in mind that your interest rate will be substantially higher.
You will also be
upside down
on the car loan for several years until you can pay the balance down to a break-even point. But if you made payments on time, your credit score should have improved and you can refinance the vehicle.Regardless of how you obtain your car loan, make sure you get full coverage car insurance at the right price by using the
Jerry
app.Jerry is a licensed insurance broker that will find you the best 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.
View full answer
- Gregory R.
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