Is 627 a good credit score for getting a car loan?

I haven’t owned a car in almost ten years now, thanks to my city having excellent public transportation, but I’m moving to the suburbs and need to buy a car. Is 627 a good credit score for getting a car loan?

Answer
That sounds like an exciting move! Living in a city with reliable public transportation makes life much easier and saves you the cost of owning a vehicle, but it makes sense to own a car if you live in the suburbs.
Typically, car loan lenders prefer applicants with a credit score of 661 or higher, so 627 isn’t ideal, but you should still be able to get a car loan.
Having a nonprime credit score may exclude you from getting a loan through large national banks or other standard lenders. Fortunately, some lenders specialize in loans for those with lower credit scores. To find a lender who can work with you, shop around and compare offers from multiple lenders to find the best rate.
You’ll likely have an above-average interest rate, but finding a cosigner could make you eligible for a loan through a standard lender. Increasing the down payment could also help you lower the interest rate.
When applying for loans and certainly before driving home, you’ll need a car insurance policy that has comprehensive and collision coverage.
Similarly to finding the best rate on your car loan, if you want to ensure you aren’t overpaying for your car insurance, you should compare quotes from multiple insurance companies.
If you’d rather leave the hard work of gathering quotes to someone else, use Jerry. The Jerry app can collect quotes from 50+ top insurance companies, like Travelers, Nationwide, and Progressive, in seconds, 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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