Will a 645 Credit Score Get Me an Auto Loan?

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Q: I am planning to submit a request for an auto loan this week, however I’ve only got a 645 credit score. Will I be able to get a car loan, or am I likely to be declined wherever I go?

A: It is entirely possible to successfully apply for an auto loan with a credit score of 645. Consider this loan data which comes directly from Experian:

Indeed, Experian also said that vehicle loans for customers with scores below 645 accounted for 20% of all auto loans in 2019!

If you have a credit score of around 645, you will have the best luck qualifying for car finance if you apply for vehicle loans online. Doing this means it’s actually possible to compare all the prices from a broader range of lenders and additionally you’ll be dealing with firms who are more accommodating when it comes to approving low credit score applicants. If you’re not sure how to start this process, have a look at our extensive services list.

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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Exactly the same solution is valid for auto loans for folks with credit scores of 646, 647, 648 and 649.

Despite the fact that it is possible to submit a successful application for an auto loan or personal loan with a bad credit ranking, the negative aspect is that you’ll pay a higher interest rate. You might be able to be entitled to a slightly more affordable rate of interest if you pay a larger deposit on the vehicle. You might also attempt to raise your FICO score.

Improve your interest rate & credit rating

Listed below are some tips for perhaps improving your credit score prior to applying for a car / auto loan:

  • Several loan creditors sometimes pardon one-time mistakes and eliminate them from your credit history. Check into this if it can be applied to your situation.
  • Sign up to Experian Boost to have your telephone and utility payments count towards your credit scores.
  • Request free credit reports, check them for mistakes and dispute those that you discover.
  • Pay off as many bills and outstanding debts as is possible.
  • Credit cards, cut down your credit amount to below 30%.