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Can I get a car loan with a 667 credit score?
I just graduated from grad school and I want to reward myself by getting a new car. After pulling my credit report, I found out that I have a 667 credit score. Is a 667 credit score good enough to get a car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on getting through grad school; a reward is surely in order. The good news is that you can get a car loan with a 667 credit score, as long as you meet a few other requirements. Lenders don’t just look at your credit score. They also assess:
- Credit history and length of credit
- Debt and debt-to-income ratio (ideally 43% or less)
- Amount of income
- Down payment amount
The biggest determinant of
car loan
approval aside from credit score is your debt-to-income ratio (DTI). Ideally, your DTI should be 43% or less. This demonstrates that you can afford the car loan without stretching yourself too thin.You should also make sure to shop around for car loan preapproval. By shopping around, you can find the best interest rate and terms possible.
Once you gain approval and find the car you want, remember to shop around for car insurance with the
Jerry
app. Lenders require full coverage car insurance, which is expensive if you don’t do your due diligence.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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