Credit Score of 560: Car Loans
Buying a car with a credit score of 560 is possible, but you’re most likely going to have an extremely high interest rate.
People with bad credit – if approved for a loan – are always offered higher interest rates than someone with a credit score even 80 points higher than their score.
Can I get approved with a 560 credit score?
560 Credit Score. A 560 credit score won’t knock any lenders’ socks off, but it shouldn’t completely prevent you from being approved for a credit card or loan, either. For example, roughly 1 in 10 new credit card accounts are opened by someone with a credit score below 580, according to Equifax data.
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