Can I get a decent APR on a car loan with a 600 credit score?

I want to purchase a new car, but I have a 600 credit score. Can I still get a decent APR with this credit score?

Answer
“With a credit score that low, you’re not going to find any low rates for a car loan. The cutoff for a decent rate is 670.
In this instance, you’re looking at a rate that’s going to be somewhat similar to a credit card—probably between 12% and 20%.
That’s a lot of cash going to interest. Unless you need the car immediately, you might want to try raising your score by paying off some debt until you reach that 670 level.
And if you are going to finance a car, don’t forget that you’ll need full-coverage car insurance. Add that to your budget.
Also, you might want to consider getting a used car or paying cash instead of financing a new car.”
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Eric Schad
Answered on May 05, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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