7 sept. 2022 ยท Need a car loan but don't have great credit? Read our 2021 roundup of auto loans for bad credit.
Can I get a vehicle loan with a 500 credit score?
It's possible to get a car loan with a credit score of 500, but it'll cost you. People with credit scores of 500 or lower received an average rate of 13.97% for new-car loans and 20.67% for used-car loans in the second quarter of 2020, according to the Experian State of the Automotive Finance Market report.
Whats the lowest credit score you can get a car with?
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 car with 500 credit score with no money down?
Yes, a 500 credit score will still qualify you for a car loan. However, credit scores affect the types of loans you are eligible for, as well as interest rates, loan amounts, and more. If you have a credit score that needs improving, it won't stop you from getting a car loan, only the terms.
What car company is best for bad credit?
The best subprime auto lenders for bad credit auto loans are Auto Credit Express, Carvana, and Capital One. All APR figures last updated on 8/1/2022 - please check partner site for latest details. Rate may vary based on credit score, credit history and loan term.