Can my wife and I get a car loan if I have a credit score of 550 and hers is 470?

"My wife and I want a car loan, but we don't have great credit. I usually pay cash for vehicles, but we want a car that's reliable.

Can we get a car loan if our scores are in the 400s and 500s?"

“You might be able to find a loan, but your interest rate is going to be absolutely astronomical.
The best idea is to avoid a car loan. Instead, take your money, buy a car with cash, and use any extra funds to start fixing your credit. Don’t go further into debt if you don’t have to.”
Eric Schad
Answered on Jun 03, 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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