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Can I get a car loan with a 651 credit score?
I have a 651 credit score. While I know this isn’t great, I really want to get a new car to replace my old one that’s on its last leg. Is a 651 credit score good enough to get a car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
With a 651 credit, you can probably get a
car loan
. However, you may not love the interest rate you get. According to Experian, a 651 credit score would get you these terms on a 60-month, $32,000 new car loan:- 8.12% interest rate
- $651 monthly payment
That said, a 660 credit score puts you in the prime range of borrowing. This means that you’re held in much higher regard by potential lenders. In the same scenario listed above but with a 660 or higher credit score, your terms would be:
- 5.17% interest rate
- $606 monthly payment
As you can see from this example, you stand to save over $3,200 over the life of the loan if you can build your credit up to 660. You’re pretty close to that, so it may be worth waiting! If you want to build your credit score, pay off high-interest debt and any delinquencies you have may. Don’t overextend yourself, but if you have a few extra bucks, throw it toward your debt.
If you’ve applied for car loan approval or preapproval, but you’re striking out, consider a cosigner. Ask a family member or friend to cosign for the vehicle, and you could increase your chances of approval and a more favorable interest rate.
You should also shop lenders to find the best rate possible. And just as you would with your car loan, make sure you shop around for the best insurance rate with 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!
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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