If your credit score falls in the 620 to 650 range, you’re actually fine.
You should be able to find financing from more than one source.
If your credit score is between 550 and 620, you’re going to have a more difficult time, but there is definitely hope.
If It’s below 550, you’re in serious trouble.
Can I get a car with a credit score of 500?
Car Loans for People with a 500 Credit Score. If you have a 500 credit score or any score less than 640, you are not alone. So, when it comes time to get a car loan, even if a person is now in a financially stable position , they still have to look for car financing for poor credit.
How big of a loan can I get with a 550 credit score?
Ask lenders if they originate loans insured by the Federal Housing Administration. FHA-backed loans are available to any borrower with a credit score of at least 500. If your score is 550, you can apply for an FHA loan that requires a down payment of 10 percent of your home’s purchase price.
What is the lowest credit score to buy a car?
According to FICO, consumers having scores in the 700-850 range are considered near-prime or prime borrowers. That means they’ll garner the lowest interest rates and most-favorable loan terms. Borrowers who fall below the 620 mark are often considered “subprime.” That means they’ll pay more to finance a car.
Can I get a car with a 580 credit score?
Credit Score of 580: Car Loans
Buying a car with a credit score of 580 is possible, but higher interest rates are always given to people with bad credit.