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?"
Answer provided by
Answered on Jun 03, 2021
“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.”
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Browse by topics
What others are asking
Where should I go to get the best car loan rate on a Mercedes?
"I want to buy a Mercedes for $55,000. At that high of a price, I want to make sure I can get the best loan rate. Where should I go to get a cheap auto loan?"
Jun 03, 2021
Should I get a cheap car loan to help boost my 700 credit score?
My credit score is around 700, but the lack of installment loans is hurting it. I want to get a car loan to boost my credit score. Is getting a cheap car loan a good idea?
Jun 03, 2021