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Can I get a car loan with a low credit score?
A few years back my wife and I decided to sell most of our assets (car included) to try and start our own business. Once COVID came, we were forced to shut the business down and take a major hit to our credit scores. Now we need of a car to get to work, but I’m afraid our low scores may not be enough for a loan. Can we get a car loan with low credit scores?
Michael Miserendino · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear about your business. Sadly, you aren’t the only family to be impacted by COVID in this way, but hopefully it’ll cheer you both up to hear that you likely qualify for a car loan even if your credit score is less than ideal.
Lenders vary on what they find to be acceptable credit scores; however, people with a credit score of 660 tend to be far more successful than those with lower scores. While you may still want to improve your score to avoid higher than average interest rates, you should still be able to get a loan.
Since you’re looking to purchase a new car, you should be aware of
shady and illegitimate practices that are on the rise due to the COVID-19 pandemic
. While these scams vary, most of them are because people weren’t asking enough questions or not getting answers. Be sure to research before going to a dealership, and come prepared
with a pre-approval and other necessary documents when you’re ready to sign on a car. Another thing to budget for is car insurance. Lenders will require full coverage car insurance on a financed vehicle. Try using the number-one-rated car insurance app,
Jerry
, to find the lowest rates. Jerry compares rates from more than 50 top providers and delivers the best deals to your phone in minutes for free. Jerry customers save an average of $879 a year!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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