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What car loan interest rate can I get with a 600 credit score?
I have a 600 credit score, but I desperately need a car loan. What interest rate should I expect?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
With a credit score of 600, you sit in the subprime range, which historically doesn’t have the best interest rates. However, you’re not in the deep subprime range below 580, so you can still see a bit of a silver lining there.
With your credit score, the average car loan rate is 11.33% for a new car and 17.78% for a used car—both are a bit on the high side for financing a vehicle. Therefore, the decision should come down to not whether you want a car, but rather, if you need a car.
If getting a car loan is the only way you can get to work, then it’s plausible to consider these rates. However, look at some of the downsides before you make a decision:
- You’re going to pay a ton of interest over the life of the loan
- You’ll be upside down on the car loan (owing more than the car is worth) for a majority of the loan
- You probably won’t be able to refinance until you have positive equity, which could be years away
However, income plays a huge role in this decision. If you just made some poor decisions in the past but you have high, steady income, then this might be a smart move if you need a car. That said, your money might be better spent on paying off debt or delinquent accounts—at least at first.
Again, you have to weigh the pros and cons. When your credit score is 600, taking on debt doesn’t always make sense, so tread lightly and think logically over acting on emotion. And always, always shop around for the best rate!
If you decide to pull the trigger on the car, congrats! But don’t forget about your car insurance needs. Your lender will require full coverage car insurance for the duration of the loan. That’s when
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