They normally qualify for competitive interest rates on their loans as well.
However, even consumers with credit scores of 600 or less can get approved for an auto loan.
Therefore, if a consumer finds that their credit score is 600 or lower, they should look for a dealership that handles special financing.
Can I get a car loan with a credit score of 500?
Car loan rates by credit score
If you’re a super prime borrower with a credit score of 781 or higher, you can expect to get the lowest rates. If you’re a deep subprime borrower with a credit score of 500 or below, you can expect to pay a rate that’s about 10 percent higher than what a super prime borrower will pay.
What is the lowest credit score to buy a car?
Average Car Loan Rates by Credit Score, Third Quarter, 2018
|Credit Score Range||New Car Loan||Used Car Loan|
|781 to 850||3.68%||4.34%|
|661 to 780||4.56%||5.97%|
|601 to 660||7.52%||10.34%|
|501 to 600||11.89%||16.14%|
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Can you buy a car with a 670 credit score?
Credit scores reflect your total amount of outstanding debt you have, and the types of credit you use. Credit mix can influence up to 10% of your FICO® Score. 44% Individuals with a 670 FICO® Score have credit portfolios that include auto loan and 27% have a mortgage loan.
Photo in the article by “Naval History and Heritage Command – Navy.mil”