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.
Almost 4% go to those with scores below 500.
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.
Photo in the article by “Flickr”