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Can I get a car loan with a payment of around $150 a month with poor credit?
I have a 599 credit score, which isn't great, but I need a new car pronto. I can afford a payment of around $150 a month. I have $1,000 for a down payment. Is there any way to get a payment of $150 a month with a credit score that low and little for a down payment?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
With a credit score below 600, you’re probably looking at double-digit interest rates. You’ll need to look for a car that’s below $10,000 and choose a long loan term if you want to get a low monthly payment—but be aware that you’ll pay a lot more in interest if you do so.
Even when combining these two aspects, you’re probably not going to find a financially sound
car loan
that you’ll want to sign.The only way to determine this is if you shop around with lenders: Some banks and lenders won’t touch car loans below a certain dollar amount, so you need to be aware of your constraints before shopping for cars.
If you can save or budget to afford a $200 to $225 a month payment, you may be able to find something that works. You’ll still have a high interest rate, but you may be more likely to get approval.
Remember: In addition to your car loan payment, you’ll also need to pay for
car insurance
. Your lender will likely require full coverage on the vehicle.Before you buy a vehicle, shop around on
Jerry
. You can get an idea of how much more you’ll need to budget each month and whether it’s something you can afford.”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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