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Can I get a car loan with a credit score of 450?

I have really bad credit from some poor decisions I made when I was younger. That said, I still need a car. Can I get an auto loan with a 450 credit score?

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Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
The reality is that you probably can get a
car loan
with a credit score of 450. But what you should carefully consider is whether you should.
A 450 credit score is considered poor by any lender. Despite that, subprime lenders and
buy here pay here
car dealerships will most likely work with you to ink a deal.
However, these types of lenders typically have unsavory reputations because they use predatory lending practices to help you get a vehicle. This translates into interest rates above 10%—often, closer to 20%. So, you’ll end up paying far more interest on a car loan than you should.
Moreover, you’re going to be
upside down on the car loan
for almost the entire duration of the repayment term. Upside down refers to a situation where you owe more on the loan than the vehicle is actually worth. If this is the case, you’ll be unlikely to qualify for refinancing and stuck with the super high interest rate.
Rather than looking for a car loan with a 450 credit score, you should instead look at ways to rebuild your credit, such as:
  • Paying off high-interest debt, such as credit cards
  • Paying off any charged-off or delinquent accounts
  • Getting credit-building debt, such as low-interest savings loans
The magic number you should be shooting for is a credit score between 600 and 660. Once you’ve achieved this, you can find a more attractive interest rate and avoid an upside-down car loan.
In the meantime, you can always pay cash for a car if you’re in need of transportation. As a bonus, paying for a car outright often equates to more affordable insurance rates.
But no matter how you buy the car,
Jerry
can help you avoid overpaying. Jerry is an insurance comparison app that shops for low prices with over 50 different insurance companies for free. You will get quotes in seconds, can make changes at any time, and if you ever have any questions, agents are just a text away!
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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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