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Is a 570 credit score good for a car loan?
I’ve just found the car I’ve been dreaming of since I was 16 but my credit score is only 570. If I have a small down payment, will I be able to get a car loan with a score of 570?
Andrea Barrett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It’s great to hear that you’ve found your dream car! However, a credit score of 570 falls within the very poor category, which can make it difficult to get approved for a
car loan
with decent terms. Lenders look at your credit score to determine how likely you are to pay back your loan in a timely manner without defaulting.
Most auto lenders will not approve a loan to someone with a credit score of 570. However, that doesn’t mean it’s impossible. If you are approved for a loan with a 570 score, chances are you will be paying a high interest rate with sub-optimal terms. But just because you can borrow money with a 570 credit score doesn’t mean you should. The other option you have to improve your likelihood of approval is to get a cosigner with good credit who is liable for payments if you default.
Otherwise, focus on improving your credit score! It is simple and could save you a lot of money.
Know what else can save you a lot of money? Using car comparison super app and licensed broker
Jerry
to help insure your car. Jerry searches more than 50 of the top insurance companies to find you the best deals on car insurance in your state. Whether you’re approved by yourself or with a cosigner, you shouldn’t have to pay exponentially high rates for car insurance. And once you find the coverage and policy that works for you, Jerry will take care of the rest. They even shop around when it’s time to renew so you’re always getting the cheapest rates.
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- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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