Will a 607 Credit Score Get Me an Auto Loan?

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Q: I am intending to make an application for an auto loan in the next few months, though I only have a credit score of 607. Will I be able to get a car loan, or will my application be refused just about everywhere?

A: It really is quite possible to successfully apply for an auto loan with a credit score of only 607. Think about this data from Experian:

Indeed, Experian also said that vehicle loans for applicants having credit scores below 607 accounted for 20% of all auto loans in 2019!

If you’ve got a credit score of about 607, you will definitely a better expectation of being approved for a car loan if you make an application for vehicle loans online. Using this technique makes it straightforward to do a comparison of the offers from a large diversity of loan providers and you’ll be dealing with lenders who are a lot more accommodating when it comes to authorising applicants with low credit. If you aren’t certain where to begin, have a read of our handy services 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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Exactly the same response works perfectly for auto loans for those with credit scores of 608, 609, 610 and 611.

Although you’re able to make a successful request for a personal loan or auto loan with a very bad credit rating, the negative aspect is that interest rates are usually higher. You might be entitled to a slightly more affordable interest rate if you can put an advance payment down on the car. You can also have a shot at increasing your own FICO score.

Greatly improve your interest rate and credit rating

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

  • Order your free credit reports, examine them for mistakes and dispute any you find.
  • Settle as many bills and debts as possible.
  • Join Experian Boost to have your utility and phone payments counted towards your credit rating.
  • Credit cards, decrease your credit liability to below thirty percent.
  • Several creditors will occasionally excuse one-time failures and eliminate them from your record. Establish if this can be applied in your case.