Will a 575 Credit Score Get Me an Auto Loan?

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Q: I have to apply for an auto loan this week, but I only have a 575 credit score. Is that going to be enough to get a car loan, or am I going to be refused wherever I try?

A: It is entirely possible to apply successfully for an auto loan with a credit score of only 575. Look at this loan data which comes directly from Experian:

In point of fact, Experian also said that vehicle loans for customers having credit scores under 575 characterized twenty percent of all auto loans in 2019!

If your credit score is close to 575, you’ll have the best luck approval for vehicle finance if you submit an application for vehicle loans online. This means that it’s straightforward to do a comparison of all the prices from a wider range of finance companies and additionally you’ll be dealing with firms who are way more accommodating with respect to authorising applicants with low credit. If you are not sure where to begin, take a look at our handy companies list.

Required Credit Score
580
Amounts
Up to $40,000
APR
Starting at 5.99%
Bad credit
Allowed
Loan Terms
2 months to 5 years
Amounts
Up to $10,000
APR
Individual rates
Bad credit
Allowed
Loan Terms
3 months to 6 years
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The very same response is valid for auto loans for borrowers having credit scores of 576, 577, 578 and 579.

Though you can successfully submit a request for a personal loan or an auto loan with a very bad credit ranking, the problem is that you will pay a higher interest rate. You might receive a slightly more affordable rate if you pay a bigger deposit on the car in question. Also you might have a go at boosting your FICO score.

Greatly improve your credit score & interest rate

Allow me to share a few suggestions for perhaps raising your credit score prior to applying for a car / auto loan:

  • Sign up to Experian Boost to get your utilities and telephone bill payments to count toward your credit scores.
  • Credit cards, reduce your credit liability to less than thirty percent.
  • Settle as many outstanding debts and bills as is possible.
  • Request your free credit reports, check them out for errors and contest those that you come across.
  • Some loan providers are willing to excuse one-off issues and eliminate them from your credit history. See if this is pertinent to your situation.