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Can you get a car loan with a 570 credit score?
Is 570 an acceptable credit score to get a car loan? I work two jobs, but I still have a tough time paying my bills. As a result, my credit score has suffered. I found a better-paying job, but I will need a car and a car loan.
Phoebe Mah · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on the job! Your credit score determines your interest rate for a
car loan
and the likelihood of approval. While it can be tricky to find a lender to approve you for a car loan with a 570 credit score, there are ways to increase your chances of financing a vehicle.Consider these options:
- Find specialized lenders. Many lenders work with people with poor credit. Shop around to see what your best options are. That said, you’ll likely have a higher interest rate than someone with a higher credit score.
- Find a cosigner. If you have a family member who is willing to be acosigner, you will increase your chances of getting approved for a loan. You may even be eligible for a lower rate.
- Make a large downpayment. Making a larger downpayment reduces your risk as a borrower. Lenders will often approve loans for lower credit scores if you can make a significant downpayment.
If you find a loan and the terms aren’t great, don’t worry! You always have the option of refinancing in the future. An easy way to explore your refinancing options is with
the
Jerry
app. Jerry makes refinancing your car easy by comparing quotes from multiple lenders to find a rate that works best for you, regardless of your credit score. View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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