My credit score is 401, so would I be approved for a car loan of $17,000? How much would I have to put down?
My car was stolen and I need a new one. Last I checked, my credit score is 401, and my next credit report won’t release until the 1st of December. Would I be approved for a $17,000 car loan, and how much would I have put down? Could I also bring home $3,000 of it?
- Lenders who issue deep subprime loans hesitate to offer a loan to any applicant with a credit score below 450. You could be eligible if you have a cosigner. However, the interest rate may be so high that it’s not even worth it.
- Some alternative lenders specialize in offering car loans to those with low credit scores, but their minimum accepted credit score is typically 500.
- A conventional car loan lender, like a major national bank, typically won’t issue a loan to anyone who has a score below 661.