Increase your chances of getting approved
- Find a cosigner. Ask someone you trust — and who trusts you — who has good credit to cosign the auto loan for you. ...
- Consider buying a car with cash. ...
- Buy from a private seller, not a dealer. ...
- Use a personal loan.
What credit score is too low for a car loan?
What Is the Minimum Score Needed to Buy a Car? In general, lenders look for borrowers in the prime range or better, so you will need a score of 661 or higher to qualify for most conventional car loans.
Can you get a loan with a credit score of 500?
You may qualify with a poor credit score as low as 500, but you must also satisfy several other requirements to get an FHA loan guarantee. These loans require a 10% down payment (or 3.5% if your credit score is above 580), mortgage insurance, and a monthly payment for the life of the loan.