Will a 604 Credit Score Get Me an Auto Loan?

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Q: I need to apply for an auto loan next week, but my credit score is 604. Is that high enough to get a car loan, or will I be declined every place I try?

A: It’s quite possible to apply successfully for an auto loan with a credit score of only 604. Contemplate this loan data which comes from Experian:

Furthermore, Experian stated that vehicle loans for applicants with credit scores below 604 characterized twenty percent of all auto loans during 2019!

If you’ve a credit score somewhere around 604, you should have the best odds of being approved for auto finance if you put in an application for vehicle loans online. This will make it an easy task to compare the offers from a large diversity of loan providers and additionally you will be using the services of providers who are way more flexible with respect to approving applicants with low credit scores. If you’re not sure where to begin, take a good look at our handy recommendations list.

Required Credit Score
550
Amounts
Up to $35,000
APR
Starting at 6.90%
Bad credit
Allowed
Loan Terms
2 months to 7 years
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The same strategy applies for auto loans for folks with credit score 605, 606, 607 and 608.

While you’ll be able to submit a successful request for a personal loan or auto loan with a very low credit standing, the disadvantage is that you’ll have to pay a higher then normal interest rate. You might qualify for a slightly more competitive interest rate if you pay a larger deposit on the car in question. You could also try to boost your current FICO score.

Improve your interest rate and credit score

Let me share a few tips for perhaps boosting your credit score before you apply for a car / auto loan:

  • Clear as many bills and outstanding debts as possible.
  • A few lenders are prepared to pardon one-time issues and eliminate them from your credit history. Establish if this is applicable in your case.
  • Request free credit reports, examine them for mistakes and challenge those that you come across.
  • Credit cards, decrease your credit amount to less than thirty percent.
  • Sign up to Experian Boost so your phone and utility bill payments count toward your credit rating.