Can I get a car loan with a 645 credit score?

I have a credit score of 645, which isn't great, but I really need a car to get to work. Can I get a car loan?

Answer
Yes, you will likely be able to secure a car loan! 645 is not a bad credit score, per se, but it does put you in the non-prime category—which means you’ll likely need to pay a higher interest rate.
Lenders will be more likely to work with you if you have…
  • A steady income
  • And a debt-to-income ratio below 43%
According to Experian as of September 2021, the average car loan rates for someone with your credit score are 6.61% for a new car loan and 10.49% for a used car loan.
With these rates, you may pay more interest, but you can work on building your credit and hopefully refinance the car with a better rate in the near future.
If you’re getting a new or used car loan, the lender will require full coverage car insurance, so make sure to budget accordingly. And make sure to use the Jerry app to compare quotes and find the best coverage for the most affordable price.
Eric Schad
Answered on Oct 25, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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