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Is a 605 credit score good for car loans?
I’m trying to qualify for a pretty big car loan, but I’m not sure if my credit score is good enough. Should a 605 credit score be high enough for me to get a car loan?
Joshua Levy · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes, you can get a
car loan
with a 605 credit score. But you’re unlikely to get a good interest rate or reasonable terms.When lenders assess your loan application, they’ll consider various aspects of your financial history and situation, including:
- Income
- Debt
- Credit score
- Loan amount
- Loan term
But credit score is among the most important factors for lenders. With a credit score of 605 you’d be considered a nonprime applicant. While that isn’t the worst situation to be in, nonprime applicants have an average APR of 6% for new cars or 10% for used cars.
If you can afford to wait for your car loan, you should consider taking some time to build up your credit before you apply. But if you need to apply soon, compare offers from at least three lenders before settling for an agreement. That can help ensure you get a reasonable rate for your situation.
To offset the overall cost of your monthly expenses, start saving on car insurance with
Jerry
. A licensed broker, the Jerry app helps users compare personalized quotes from over 50 top providers like Allstate and Progressive for free. Users save an average of $887 a year on car insurance with Jerry—and it only takes a minute to sign up.MORE: Does refinancing a car hurt your credit score?
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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