Will a 615 Credit Score Get Me an Auto Loan?

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Q: I’m hoping to try for an auto loan in the near future, although I only have a 615 credit score. Is that high enough to obtain a car loan, or will my application be declined wherever I try?

A: It really is entirely possible to apply successfully for an auto loan with a credit score of 615. Look carefully at this loan data from the guys at Experian:

Furthermore, Experian also stated that vehicle loans for customers with scores under 615 accounted for twenty percent of 2019 auto loans!

If your credit score is in the region of 615, you’ll have the best prospect of qualifying for a loan if you submit a request for vehicle loans online. Doing so will make it actually possible to do a comparison of prices from a huge choice of loan companies and will also be dealing with lenders that are a lot more accommodating with respect to authorising low credit borrowers. If you are not sure where to begin, examine our extensive 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 same response works well for auto loans with a credit score of 616, 617, 618 and 619.

While you could make a successful request for an auto loan or personal loan with a poor credit score, the flipside is that interest rates are frequently higher. You may be able to receive a slightly more affordable interest rate if you put an advance payment down on the car. You could also have a go at raising your current FICO score.

How you can improve your interest rate and credit score

Below are some techniques for possibly increasing your credit score when you need to apply for a car / auto loan:

  • Clear as many bills and debts as possible.
  • A number of creditors will occasionally pardon one-time failures and get them wiped from your record. Check into this if it applies in your situation.
  • Get registered on Experian Boost so that your phone and utility bill payments counted toward your credit scores.
  • Credit cards, lower the amount of your credit you are using less than 30%.
  • Request free credit reports, check them for errors and dispute those that you uncover.