Is 524 a bad credit score?

I really need a new car, but I have a 534 credit score. Is this bad? Will I be able to get a car loan if I have this credit score?

Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Unfortunately, 524 falls into the very poor range of 300 to 579, meaning that it is a bad credit score because it is below the average credit score. However, you can still get a car loan with this credit score! Here are some things you can do to increase your chances of getting approved and scoring better terms:
  • Find the right lender. Some lenders specialize in lending to people with low credit scores. Credit unions, for example, tend to offer better terms and higher approval rates for people with low credit.
  • Find the right vehicle. You probably won’t be able to get your dream car with a 524 credit score. Instead, look for cars that the dealership wants to get rid of quickly (i.e. older models).
  • Save for the down payment. If you’re able to pay a large amount down, you’ll often qualify for better terms and have a higher chance of approval.
  • Try to improve your score. Pay any bills you receive on time and try to use less of your available credit limit to see if you can have an effect on your score.
  • Find a cosigner
    . Most lenders will be much more likely to approve your application if you have a cosigner who has excellent credit.
It might also help to find a more affordable insurance rate so that you can save for your new car. The
app makes it quick and easy to find the best rates available on the coverage you need—no long forms or phone calls necessary. Just download the app and answer some quick questions to see quotes customized for you.
MORE: What is a good credit score for a car loan?
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