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Can I get a car loan with a subprime credit score?
I have a credit score of about 600, so I'm nervous about car loan approval. Will lenders work with me?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
A subprime credit score, which is generally considered a score between 500 and 600, doesn’t necessarily eliminate you from getting a
car loan
, but it’s definitely going to be a bit more difficult.To get a car loan with your credit score, you would either need to have a huge down payment or you would need to get a cosigner with exceptional credit and steady income. By doing one of these, you can likely cut your interest rate and get approval for the car loan.
If neither of these is an option, different types of lenders work specifically with people who have poor credit.
Buy here pay here
dealerships and online lenders may offer you a loan, but be aware that the interest rates are going to be much higher. In 2021, the average rate for subprime borrowers was 11.03% for new cars and 17.11% for old cars.As a result, you should think long and hard about getting a loan from one of these places, as it can cost you thousands of dollars extra over the life of the loan.
If you can find a cosigner or co-borrower and you get approved, don’t forget about getting the right car insurance to protect your vehicle. That’s when
Jerry
can help. Sign up in just a few minutes, input your information, and compare quotes from up to 50 insurers—so you always get the best price.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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