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Can I get a car loan with a 612 credit score?
I have a 612 credit score, which I know is mediocre at best. Unfortunately, I was in a car accident that was my fault, and my car is now totaled. I need a car to get to work, but I’m not sure if I have good enough credit. Will a lender approve me for a car loan with a 612 credit score?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
A 612 credit score puts you in the nonprime range. With a 612 credit score, you might get approved, but it’s wholly dependent on the lender and their lending practices.
Shopping around will help you find the best rate possible. Applying for preapproval might be your best option, as it will only give you a soft inquiry on your credit, as well as estimate your budget, monthly payment, and interest rate.
Make sure that you shop around within a 14-day period. Otherwise, you will get more than one inquiry on your credit report.
To sweeten the deal for a lender, you might also want to:
- Provide a larger down payment of 20% or more.
Both of these options will make a lender more likely to approve your car loan. Nothing is guaranteed, but the more you’re willing to give, the better your odds.
While you should budget for gas, maintenance, and your monthly car payment, remember that all lenders also require full coverage car insurance on financed vehicles. If you want to save the most money on your car insurance, make sure to check out the
Jerry
app.Jerry is a licensed insurance broker that will collect the best quotes for you 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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