Will a 630 Credit Score Get Me an Auto Loan?

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Q: I’ve got to submit a request for an auto loan tomorrow, though my credit score is just 630. Is that going to be enough to obtain a car loan, or am I going to be turned down wherever I try?

A: It’s quite possible to apply successfully for an auto loan with a 630 credit score. Look carefully at this information which comes directly from Experian:

In point of fact, Experian also highlighted that vehicle loans for customers with credit scores of under 630 represented twenty percent of all auto loans in 2019!

If your credit score is near to 630, you’ll have the best expectation of being eligible for finance if you try for vehicle loans online. This means it’s actually possible to compare all the prices from a wider array of lenders and additionally you’ll be working together with businesses that are much more accommodating with regards to authorizing borrowers with low credit scores. If you are not sure how to go about this, check our useful list of companies.

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
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The same strategy is valid for auto loans for borrowers with a credit score of 631, 632, 633 and 634.

Although you are able to successfully submit a request for a personal loan or an auto loan with an unfavourable credit standing, the problem is that you’ll have to pay a high interest rate. You may be able to get a slightly more competitive interest rate if you’re able to put an advance payment down on the vehicle in question. You could also have a go at raising your current FICO score.

How to improve your credit rating & interest rate

The following are some tips for potentially maximizing your credit score when applying for a car / auto loan:

  • Sign up for Experian Boost to get your utilities and telephone bill payments to count toward your credit scores.
  • Obtain your free credit reports, check them for mistakes and contest those that you uncover.
  • Certain creditors are willing to pardon one-time issues and get them expunged from your credit history. Find out if this applies where you’re concerned.
  • Settle as many bills and debts as is possible.
  • Credit cards, lower the amount of your credit you are utilizing less than 30%.