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Can you get a car loan with a 650 credit score?
I’ve always purchased used vehicles using cash, but now that I have a steady income and am more established, I want to buy a new car. I don’t have the money to pay in full and need a car loan, but can you get a car loan with a 650 credit score?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Purchasing used vehicles is a great way to save money and have full ownership of your vehicle, but you must be excited to finally be able to buy a new car!
Typical lenders prefer applicants to have a credit score of 661 or higher, but you can get a
car loan
with a credit score of 650 if you find the right lender.Many standard lenders may be willing to work with you, but some specialize in loans for those with lower credit scores and could be worth the visit if your application is denied elsewhere. In general, finding a lender should not be a problem, but you could have a slightly higher interest rate.
To find the best rate, you should compare offers from multiple lenders and consider finding a cosigner.
Additionally, don’t forget you’ll also need
proof of insurance
before the loan is finally approved and you can drive home. Keep in mind that financed vehicles also require a policy with comprehensive
and collision
coverage.To ensure you aren’t overpaying and have a policy that meets your needs, download
Jerry
, an insurance comparison app that shops for low prices with over 50 different insurance companies for free. You will get quotes in seconds, can make changes at any time, and if you ever have any questions, agents are just a text away!MORE: What to do after buying a new car
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