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
“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.”
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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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