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Can I finance a Toyota Corolla if I have bad credit?
I just finished paying off my debt, but because I was delinquent on so many payments, my credit score suffered. Right now, my score is 520. But I need a car to get to work. Will I be able to finance a Toyota Corolla?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Because your credit score is so low, you probably won’t be able to get a loan through traditional outlets, such as a bank or credit union.
But since you’ve already paid off all your delinquent debt, you should be able to go to a place that advertises loans for those with bad credit.
You’ll likely pay a super high interest rate, maybe 10% to 15% or even more, but you’ll certainly be able to finance the Toyota Corolla.
Pay for this loan for maybe six months to a year, and you should see your credit score increase. Once you’ve reached about 670, refinance the vehicle at a lower rate to save some money.”
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- Gregory R.
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