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Can a 660 credit score get me a car loan?
I just passed my road test and I’m really excited to get my first car! I’m just worried about qualifying for a loan now. Is 660 a high enough credit score for a car loan?
Tiffany Leung · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on becoming a licensed driver!
A 660 credit score may or may not be enough for a car loan. Your credit score sits on the border of car loan approval requirements. Most institutions want to see a 661 credit score or above.
It’s still possible to get a loan approved, but your interest rate may be higher than you’d like. If you do not end up qualifying for loan approval, there are a few things you can do to turn the situation around!
Build your credit: Paying your bills on time, minimizing your debt-to-income ratio, and utilizing less credit can help. Increasing your credit score would also be beneficial for getting lower interest rates on a loan.
Make a larger down payment: This will decrease the amount you will need to borrow so the lender may be more willing to approve your car loan application.
Get a co-signer: If you want to get a loan approved as soon as possible, you can ask someone to be your co-signer. However, missing or making late payments will affect both your credit scores, so it’s imperative you take your repayment responsibility seriously.
Free up room in your budget to pay back your car loan by saving money on other car expenses, like
car insurance
, with Jerry
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