Will a 612 Credit Score Get Me an Auto Loan?

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Q: I’m hoping to apply for an auto loan shortly, though my credit score is a miserable 612. Is that going to be enough to get a car loan, or will I be declined wherever I go?

A: It is possible to apply successfully for an auto loan with a 612 credit score. Think about this data which comes directly from Experian:

Furthermore, Experian stated that vehicle loans for customers with credit scores below 612 accounted for 20% of 2019 auto loans!

If you’ve a credit score in the region of 612, you can expect to have the best luck being approved for auto finance if you put in an application for vehicle loans online. This will make it straightforward to do a comparison of prices from a wider range of loan providers and you will be using the services of businesses that are a lot more accommodating with regards to authorising low credit score applicants. If you aren’t sure how to start this process, check our list of services.

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 very same strategy is valid for auto loans for borrowers with credit score 613, 614, 615 and 616.

Even though you can successfully submit a request for a personal loan or an auto loan with a low credit ranking, the down side is that you’ll have to pay a high interest rate. It is possible that you might receive a more affordable interest rate if you’re able to put more cash down on the vehicle in question. Also you might have a bash at maximizing your own FICO score.

Greatly improve your interest rate and credit rating

Allow me to share some tips for perhaps improving your credit score before you apply for a car / auto loan:

  • Many creditors are willing to forgive one-off mistakes and get them wiped from your credit history. See if this can be applied in your case.
  • Credit cards, reduce the amount of your credit you’re using below 30%.
  • Request free credit reports, check them for mistakes and contest any you discover.
  • Sign up for Experian Boost so your utility and telephone payments counted toward your credit score.
  • Clear as many bills and outstanding debts as is possible.