Can I get a used car loan for a Ford Fusion with a 560 credit score and 20% down?
"I'm 19, and I want to purchase a used Ford Fusion for about $8,000. I have $1,600 to put down and make around $2,000 a month.
My biggest concern is my poor 560 credit score.
Will I get approved for this car loan? "
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Answered on Jun 17, 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.
“If you do get approved, your interest rate is likely going to be sky-high, probably at 15% or more. If you’re prepared to pay a ton in interest, you might go ahead with the loan, although it’s not the best option.
Keep in mind that if you get a car loan, you’re also responsible for adding full-coverage car insurance as a requirement of the loan. At your age, this can easily cost about $400 a month. So if you add in gas, the car note, and insurance, you’re looking at around $800 a month.
If you can’t afford this, keep saving a bit more money and find a reliable used car for around $3,000. Continue to build your credit in the meantime, and you won’t fall further into debt.”
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