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Can I get a used car loan if I have a credit score of 540?
"I want to get a car to help build my credit. The car I want costs $15,000, but my current score is 540.
Can I get a used car if I have a credit score of 540?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“With your credit score, you can probably find a car loan, but your interest rate will be 10% or more. With some calculations, you’re likely to spend $5,000 or more on the interest rate alone for a depreciating asset.
Instead of buying a car at an exorbitant rate, try other credit devices to build your credit. A savings loan at a credit union is a good option. Consider getting a credit card, making one purchase a month, and then paying it off.
A $15,000 car loan is just not worth getting farther into debt to increase your credit score.”
View full answer
- Gregory R.
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