Will a 350 Credit Score Get Me an Auto Loan?
Q: I’m planning to put in an application for an auto loan in the near future, however my credit score stands at 350. Will that be sufficient to obtain a car loan, or is it going to be turned down wherever I try?
A: With your credit score currently at 350 it is possible to apply successfully for an auto loan, though interest rates loans such as this may be a tad higher than average.
Experian said that vehicle loans for people with scores below 350 represented twenty percent of all auto loans during 2019! Check beneath for any loans which may permit a 350 credit score as well as approaches to boost your credit rating.
If you’ve got a credit score somewhere around 350, you’re likely to have a a fair chance of being approved for a car loan if you put in a request for vehicle loans online. Taking this path means it is actually possible to compare the prices from a broader assortment of providers and additionally you’ll be dealing with lenders that are far more accommodating in relation to approving low credit score applicants. If you’re not certain how to start this process, take a look at our suggestions list.
The very same solution holds true for auto loans with credit scores of 351, 352, 353 and 354.
Improve your interest rate & credit score
Even though it is possible to successfully submit an application for an auto loan with a very bad credit score, the down side is that interest rates tend to be much higher. You could be entitled to a more affordable interest rate if you’re able to put more money down on the car in question. You might also have a shot at raising your FICO score.
Let me share a few suggestions for perhaps maximizing your credit score when applying for a car / auto loan:
- Obtain your free credit reports, check them for mistakes and contest those that you uncover.
- Settle as many outstanding debts and bills as possible.
- Credit cards, decrease the amount of your credit you’re utilizing less than thirty percent.
- Sign up to Experian Boost to get your utilities and telephone bill payments counted towards your credit rating.
- Many loan creditors sometimes pardon one-off issues and expunge them from your record. Find out if this can be applied where you’re concerned.