Will a 470 Credit Score Get Me an Auto Loan?

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Q: I’ve got to submit an application for an auto loan shortly, although my credit score is 470. Will that be good enough to get a car loan, or will my application be turned down just about everywhere?

A: With a credit score standing at 470 it is entirely possible to apply successfully for an auto loan, but rates of interest for loans like this are often a touch higher than normal.

Experian said that vehicle loans for applicants with scores of under 470 characterized twenty percent of all 2019 auto loans! Check down the page for vehicle loans that might accept a 470 credit score and also solutions to increase your credit rating.

If you’ve got a credit score near to 470, you are likely to have a good possibility of approval for vehicle finance if you put in an application for vehicle loans online. Doing this makes it possible to do a comparison of offers from a wider choice of finance companies and you’ll be dealing with providers that are far more flexible with respect to granting loans to applicants with low credit. If you aren’t certain how to begin this process, check out our handy companies list.

Amounts
Up to $10,000
APR
Individual rates
Bad credit
Allowed
Loan Terms
3 months to 6 years
Amounts
Up to $5,000
APR
Individual rates
Bad credit
Allowed
Loan Terms
3 months to 3 years
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The exact same strategy holds true for auto loans with a credit score of 471, 472, 473 and 474.

How to improve your interest rate & credit score

Even though it’s possible to successfully apply for an auto loan with a dismal credit score, the problem is that you’ll have to pay a much higher interest rate. You might be able to be entitled to a slightly more reasonable interest rate if you pay a bigger deposit on the car. Also you could have a bash at enhancing your FICO score.

Below are some tips for potentially boosting your credit score before you apply for a car / auto loan:

  • Clear as many debts and bills as you can.
  • Order free credit reports, check them for mistakes and contest any you uncover.
  • Sign up to Experian Boost to have your utility and telephone payments counted toward your credit score.
  • Credit cards, decrease your credit amount to less than 30%.
  • Some loan creditors are willing to pardon one-time issues and expunge them from your credit history. Find out if this is relevant where you are concerned.