Will a 609 Credit Score Get Me an Auto Loan?

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Q: I need to make an application for an auto loan over the next few weeks, however I only have a 609 credit score. Am I going to be able to get a car loan, or am I going to be turned down every place I go?

A: It is entirely possible to successfully request an auto loan with a credit score of 609. Look at this loan data from Experian:

In actual fact, Experian also highlighted that vehicle loans for borrowers having scores of less than 609 accounted for 20% of all auto loans in 2019!

If your credit score is in the region of 609, you’ll have the best prospect of being approved for finance if you put in a request for vehicle loans online. Using this method means it is a possibility to compare prices from a huge assortment of loan companies and additionally you’ll be working with companies who are far more flexible with regards to approving applicants with low credit scores. If you’re not certain where to start, check the following list of services.

Up to $50,000
Individual rates
Bad credit
Loan Terms
6 months to 6 years
Required Credit Score
Up to $35,000
Starting at 6.90%
Bad credit
Loan Terms
2 months to 7 years
« Show more alternatives »

Exactly the same response works for auto loans for people with credit scores of 610, 611, 612 and 613.

Despite the fact that you’ll be able to submit a successful request for a personal loan or an auto loan with a very low credit score, the down side is that interest rates are higher. You might receive a more competitive interest rate if you put more cash down on the vehicle in question. You could also have a shot at enhancing your FICO score.

How you can improve your credit score and interest rate

Let me share a few tips for potentially maximizing your credit score when applying for a car / auto loan:

  • Certain lenders will occasionally forgive one-off issues and get them wiped from your record. Check if this can be applied in your situation.
  • Credit cards, reduce the amount of your credit you’re utilizing less than thirty percent.
  • Settle as many outstanding debts and bills as you can.
  • Sign up for Experian Boost so your phone and utility payments count toward your credit scores.
  • Order free credit reports, check them for errors and contest those that you uncover.