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Can I get a car loan with a 644 credit score?
I want to buy a used car, but I’m a bit short on cash to pay for the vehicle outright. I went on Credit Karma to check my credit report, and my credit score is 644. Is a 644 credit score good enough to get a used car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Although you may find that your interest rate is quite a bit high, you can get a
car loan
with a 644 credit score. You’re in the nonprime level of lending, which is one step below prime. As a result, you won’t have access to better interest rates until you get a credit score of 660.Since you’re so close to a 660 credit score, waiting until you reach 660 is highly advisable. You can potentially cut your interest rate in half with a little bit of determination and hard work. Pay down high-interest debt and any delinquencies to see a greater increase in your credit score.
Keep in mind that your credit score isn’t the only thing that lenders use to determine your car loan approval. Lenders will also look at your income stream, as well as your debt-to-income ratio (DTI). Your DTI may be a bigger factor than you think, as it determines whether you’re capable of taking on more debt. Ideally, you should shoot for a DTI of 43% or less to gain approval for a car loan.
If you keep getting denied, you may want to find a cosigner. Ask a friend or family member with good or great credit to cosign. You may improve your chances of approval and even get a lower interest rate.
Once you get approved for a car loan and have an idea of what vehicle you want, don’t forget about shopping around for car insurance. By using the
Jerry
app, you can find the best rate possible for used car insurance.Jerry is a licensed insurance broker that provides quotes from dozens of top-rated and well-known car insurance companies. After you find a great rate, Jerry can help you buy insurance for your used car and cancel your old policy. Customers save an average of $887 per year!
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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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