But a higher score will almost certainly get you a lower interest rate.
At the end of 2017, the average credit score for a new-car loan was 713, and 656 for a used-car loan, according to an Experian report.
But nearly 20% of car loans go to borrowers with credit scores below 600, according to Experian.
How bad is a 600 credit score?
If your credit score is 600, things could be worse. After all, scores start at 300. But things could also be a lot better. Scores lower than 630 are considered poor, so you might be denied for credit cards and loans or pay high interest rates for the ones you do receive.
Can I get a loan with a 600 credit score?
Home Loan: 550-600 Credit Score. Even if you can’t reach 20%, you’ll need at least 10% to qualify for an FHA loan if your credit score is below 580, and at least 3.5% to qualify if your score is 580 or above.
Can you lease a car with a 600 credit score?
A Credit Score Below 600 is Considered a Subprime Lease. According to most experts in the field of auto financing and leasing, the best lease terms are reserved for those with credit scores above 700.
Can I buy a house with a 600 credit score?
Mortgage lenders use your credit score (and other factors) to decide whether or not they will lend you money. Generally speaking, borrowers with bad credit get charged higher rates. You could potentially qualify for an FHA home loan with a credit score of 600, 620 or 650.
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