Will a 650 Credit Score Get Me an Auto Loan?

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Q: I’ve got to submit a request for an auto loan in the next few months, although my credit score is only 650. Is that going to be enough to get a car loan, or will it be declined every place I try?

A: It’s entirely possible to apply successfully for an auto loan with a 650 credit score. Think carefully about this data which comes from Experian:

Furthermore, Experian confirmed that vehicle loans for car buyers having scores below 650 represented 20% of 2019 auto loans!

If you have a credit score around 650, you are going to have the best luck being approved for car finance if you put in a request for vehicle loans online. Using this method means that it’s simple to do a comparison of offers from a wider diversity of loan providers and you’ll be dealing with firms who are way more flexible in relation to authorizing low credit applicants. If you are not sure how to begin this process, look at our list of services.

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
« Show more alternatives »

The same resolution applies to auto loans for those having credit score 651, 652, 653 and 654.

Even though you are able to successfully make an application for a personal loan or auto loan with a very bad credit standing, the drawback is that you will pay a much higher interest rate. You might be able to receive a slightly more affordable rate if you pay a bigger deposit on the vehicle. You can also have a go at enhancing your FICO score.

Improve your credit score and interest rate

Allow me to share a few ideas for perhaps maximizing your credit score before applying for an auto / car loan:

  • Credit cards, reduce your credit amount to less than thirty percent.
  • Many lenders sometimes forgive one-off issues and get them wiped from your record. Check if this applies to your situation.
  • Join Experian Boost so your telephone and utility bill payments count toward your credit rating.
  • Request your free credit reports, check them out for mistakes and dispute any you find.
  • Clear as many bills and debts as is possible.