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Is 650 a good credit score for a car loan?
I want to get a car loan, but I don't think my credit score is strong enough. Can I get a car loan with a credit score of 650?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Applying for a car loan with a credit score of 650 likely won’t go as well as if your score was in the 700s or beyond. But don’t stress out until you shop around!
Most lenders set their lower-risk rates at 660, so you’re right on the cusp. In this regard, you might want to wait until you reach the 660 credit-score mark, then apply.
However, some lenders may make an exception since you’re so close to the cutoff point—namely local banks, credit unions, or other establishments that you have a long-standing relationship with.
Keep in mind that when you apply for a
car loan
, the lender will pull your credit report. That means you’ll get hit with a hard inquiry, which can drop your credit score by five to 10 points.On the bright side, after that, you can apply for as many loans as you want within a 14-day period, and it will only count as a single hard inquiry on your credit report. So, shop around for the best loan possible!
Once you buy the car, you’ll also need
full coverage car insurance
as stipulated in your loan contract. You’ll want to shop around for that, too—or better yet, let Jerry
do the heavy lifting. Sign up with Jerry in under a minute to compare quotes from over 50 top insurers.View full answer
- Gregory R.
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