However, credit score is just one factor in the interest rate for a car loan. Other factors lenders use include:
Your income
Overall credit history
Debt-to-income ratio
New car loan rates for a 600 credit score typically range from 7.14% to 11.33% for a new car and 11.41% to 17.78% for a used car. With such high rates, you may want to hold off on a car loan and build your credit or work with a lender you trust, such as your current bank or credit union.
If you decide you still need a vehicle, shop around to get the best rate. Otherwise, you may find that you’re
Remember that your car loan isn’t your only expense. Budgeting for gas, maintenance, and car insurance is also important. To get the best rates on car insurance, use the number-one-rated car insurance app,
. Jerry compares rates from more than 50 top companies and delivers the best deals to your phone in minutes for free. The average Jerry driver saves $879 a year on car insurance!
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.