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Is a 588 credit score good for car loans?
I’ve been trying to pull up my credit score so I can get a good car loan. It’s been a few months, and I’ve already brought it up a lot! Is 588 a high enough score to help me secure a car loan?
Joshua Levy · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
While you can secure a car loan with a 588 credit score, you’ll have a high APR and inflexible terms.
When lenders assess your credit score, they typically categorize it in the following categories:
- Superprime: 781-850
- Prime: 661-780
- Nonprime: 601-660
- Subprime: 501-600
- Deep Subprime: 300-500
With a score of 588, you’ll be classified as a subprime borrower—meaning you’ll only qualify for somewhat unreasonable terms. While you’ll still be able to secure a loan, the average interest rate for subprime borrowers is nearly 10% for new cars and 16% for used cars.
That said, you may be able to secure a more reasonable rate by shopping around before you settle for a lender. The first offer you get is rarely the best one available. Compare offers from at least three lenders before you pick an agreement.
But if you aren’t in a rush to get a car loan, take some time to build your credit before applying. You’re far more likely to get an affordable car loan if you apply with a better credit score.
Monthly car loan payments can be expensive. Luckily, you can offset the price by saving on car insurance with
Jerry
. A licensed broker, the Jerry app helps users compare competitive quotes from over 50 top providers like Progressive and Allstate in minutes. Users save an average of $887 a year on car insurance with Jerry—and it only takes a minute to sign up.View full answer
- 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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