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?

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!
Jack Walsh
Answered on Nov 26, 2021
Jack is an insurance specialist and writer living in Buffalo, New York. He has a BA from Union College and worked as an insurance agent with Jerry before joining our content team. He enjoys using data and research to break down complex subjects and convey a story. In his spare time, Jack enjoys cycling, cooking, and exploring Buffalo’s beautiful waterfront.

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