Will a 611 Credit Score Get Me an Auto Loan?
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Q: I’m planning to submit an application for an auto loan over the next few weeks, but I only have a credit score of 611. Will I be able to obtain a car loan, or is it going to be turned down wherever I try?
A: It is quite possible to apply successfully for an auto loan with only a 611 credit score. Look at this loan data which comes directly from the credit rating company Experian:
Furthermore, Experian made it clear that vehicle loans for applicants with scores under 611 accounted for 20% of 2019 auto loans!
If your credit score is of around 611, you should a better expectation of being eligible for a loan if you make an application for vehicle loans online. Taking this path will make it straightforward to do a comparison of all the offers from a wider selection of providers and additionally you’ll be working with providers that are much more accommodating in regards to approving low credit applicants. If you are not sure how to start this process, take a good look at our useful services list.
The same response applies to auto loans for those having a credit score of 612, 613, 614 and 615.
Although you’re able to successfully submit an application for a personal loan or an auto loan with a low credit ranking, the problem is that you’ll have to pay a high interest rate. You might get a more reasonable rate of interest if you’re able to put more money down on the car. You might also attempt to improve your current FICO score.
How to improve your credit rating and interest rate
The following are some ideas for perhaps increasing your credit score when applying for an auto / car loan:
- Join Experian Boost so your telephone and utility payments counted towards your credit rating.
- Credit cards, decrease your credit amount to less than 30%.
- Clear as many bills and debts as you can.
- Request your free credit reports, check them out for mistakes and challenge those that you find.
- Some loan companies are prepared to forgive one-time mistakes and get them erased from your credit history. See if this can be applied in your situation.