Can you get a car loan with a 450 credit score?
Can I still get a car loan with a credit score of 450? I want to buy a car to get to work, but I'll need a car loan to do so. I make about $4,000 a month, but my credit score is only 450.
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Answered on Jun 29, 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.
“You might be able to get a new car loan, but you may not be able to get it through a bank or credit union. In all likelihood, you may have to go to a third-party lender that specializes in bad credit loans.
These places will often charge you outrageous interest fees to offset their perceived risk of taking the loan. You might see 15%, 20% or as close to the highest limit possible allowed by law.
In general, you’ll want to avoid these places, but if you need a car to get to work, this might be all you have to work with.
You can consider buying a used car, which often has smaller loan amounts.
If you go this route, pay your loan on time, build your credit, and refinance as soon as possible.”
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