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Can I get a car loan with a 628 credit score?
I just got a new job, but I need a set of wheels for the commute. After pulling my credit report, I found that I have a 628 credit score. Is a score of 628 good enough to get a car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congrats on the new job! Since you need a set of wheels, a 628 credit score may be good enough to get a
car loan
. A 628 credit score puts you in the nonprime range of borrowers, meaning you’re going to have a higher interest rate than buyers in the prime or superprime levels (660+).However, your credit score isn’t the only thing that lenders look at when approving a car loan. They’re also going to assess your current income and your debt-to-income ratio (DTI). Your DTI is a measure of how much debt you have on a monthly basis. It’s figured by taking your monthly minimum debt payments and dividing it by your pre-tax income. If your DTI isn’t 43% or below, you’re going to have a tough time getting approval.
Since you’re on the cusp of a prime credit score (660), you may want to wait until you reach that level. Pay down your high-interest debt and any delinquencies to see a marked improvement in your credit score. Once you reach 660, you may find that more lenders are willing to work with you.
If you don’t want to wait to improve your credit score, you can find a cosigner. Ask a trusted friend or family member with good to great credit to sign on your loan. This can improve your chances of approval and even lower your interest rate.
No matter when you decide to apply for car loans, shop around. This will help you find the best lender, terms, and interest rates for your needs.
And just as you would with car loans, make sure you shop around to get the best rate for your car insurance by using the
Jerry
app.As a licensed broker, Jerry helps you find and compare quotes from over 50 top providers in minutes. When you find a better rate, Jerry can help you buy your new coverage and even cancel your old policy!
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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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