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Can I get a car loan with a 578 credit score?
I’ve been working at rebuilding my credit for almost two years now after some poor choices in my past. The only issue I’m having is that I need a car to get to my new job and I don’t have the cash to pay for one outright. Will a 578 credit score get me approved for a car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You’re doing the right thing by trying to rebuild your credit and a
car loan
can improve it even faster! While you can probably get a car loan with a 578 credit score, you may run into some problems with high interest rates or repeated rejection from lenders.With a 578 credit score, you’re in the subprime range, which demonstrates a high risk to lenders. Banks, dealerships, and even some credit unions may avoid this risk by denying your car loan. However, they may work with you if you:
- Have a long-standing relationship with them
- Get a cosignerfor the loan
- Make a larger down payment or whatever down payment they request
If none of these are options for you or they still won’t approve you, turn to specialized lenders or buy here pay here dealerships. These companies have financing options for people with bad credit. Although you’ll probably pay a high interest rate, you can get the car you need to get to work.
After you pay down the loan for a year or two, refinance the vehicle at a lower rate to minimize your interest payments over the life of the loan.
No matter which route you choose to take to get a car loan, just remember that the lender will require full coverage car insurance. While you can get a quote from your current insurer, using the
Jerry
app to shop around can save you even more.Jerry is a licensed insurance broker that will find the best quotes for you from over 50 top-rated insurers in minutes. After you find a great rate, Jerry can help you buy new insurance and cancel your old policy. Users save an average of $887 per year.
View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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