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Can I get a car loan with a 639 credit score?
After declaring bankruptcy seven years ago, I finally have my credit score out of the gutter and the bankruptcy discharged from my credit report. As it stands, I have a 639 credit score. My only issue is that my current car is about to die and I need a new one pronto. Can I get approval for a car loan if my credit score is 639?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
A 639 credit score puts you just below the prime range. You can certainly get a
car loan
with a 639 credit score, but your score itself isn’t the only thing that lenders look at.In addition to your credit score, lenders will also want to see:
- Credit history
- Steady income
- A debt-to-income ratio of 43% or less, meaning that 43% or less of your monthly income goes to debt payments
Lenders may also be more willing to approve your loan if you:
- Make a sizable down payment of 20% or more.
- Choose a shorter loan term (60 months vs. 84 months).
Like any other type of loan, the more you shop around, the better your results will be. So hop online, ask around, and be willing to make some concessions. You just might find that a car loan is one application away.
While a monthly car note can seem expensive, remember that you also need to budget for full coverage car insurance. Every lender requires full coverage on financed vehicles, so shopping around with the
Jerry
app is a smart move.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.
View full answer
- 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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