Car Loans with a 544 Credit Score
As a result, your odds of getting approved for a decent car loan are slim. You will need to compare your options carefully and consider either placing a bigger down payment or purchasing a vehicle that's less expensive.
What does it mean if your credit score is 544?
Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 544 FICO® Score is significantly below the average credit score.
What is the lowest credit score to buy a car?
In general, you'll need a credit score of at least 600 to qualify for a traditional auto loan, but the minimum credit score required to finance a car loan varies by lender. If your credit score falls into the subprime category, you may need to look for a bad credit car loan.
Can I get a loan with 548 credit score?
Credit Rating: 548 is considered a bad credit score. Borrowing Options: Most borrowing options are available, but the terms are unlikely to be attractive. For example, you could borrow a small amount with certain unsecured credit cards or a personal loan with no credit check, but the interest rate is likely to be high.
What interest rate can I get with a 540 credit score?
If you're looking for an auto loan with a 540 credit score, you're looking at interest rates between 14.39% and 20.45%. Qualifying for lower interest rates (& saving money) takes having a higher credit score.