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Is a 653 credit score good for a car loan?
Will I get a good APR if I apply for car loans with a 653 credit score? I didn’t realize that my credit score had dropped so much because I hadn’t looked at it in a while, and now I’m worried that I might not qualify for a good loan.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Unfortunately, it will be difficult to find a good APR with a 653 credit score. Car loan interest rates are largely determined by your credit score, and a 653 means that you would be considered a risky borrower by most lenders.
However, there are some things that you can do to raise your credit score before applying for a new loan!
- Pay all your bills on time
- If you have any payments that are past due, pay them off as soon as possible
- Try to only use 30% of your credit limit or less
Alternatively, you could get a cosigner who has excellent credit to help you qualify for better terms. Then, if you improve your credit, you can refinance the loan to remove the cosigner.
If you do decide to get a new car, you’ll also need to get some car insurance. Fortunately, the
Jerry
app is designed to make the insurance shopping process quick and easy. Download the free app and answer some quick questions to learn more.MORE: How to get a cosigner for a bad credit car loan
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- Gregory R.
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