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Can I get a car loan with a 582 credit score?
I’m in need of a new car after I totaled my old one. The only problem is that I’m a bit short on cash. Plus, my credit score is only 582, although I have been working on bringing it back up. Can I still get a car loan with my current credit score?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
A 582 credit score isn’t great, but it’s nothing to scoff at. At least you’re working to improve it. In some cases, you can get a
car loan
, but you may have to make some concessions.Since you’re a subprime borrower, banks and credit unions are hesitant to offer you any form of credit due to your high risk. However, some of the lenders that offer better interest rates may work with you if you can:
- Provide a larger down payment than the typical 20% (although you said you’re short on cash, so this may not be the right option).
- Choose a shorter loan term (48 months vs. 72 months).
If none of the above is an option for you, you have two options:
- Wait until you rebuild your credit some more. In the meantime, get rides from friends, family, or coworkers or take public transportation.
- Apply for a loan at a buy here pay here dealership or a lender that specializes in bad credit loans. These companies will approve you, but be aware that you’re going to pay exorbitant amounts of interest.
If you totaled your old vehicle, at least you can find a silver lining: finding a new car insurance company at a better rate than you may have had before. If you notice your current insurer has bumped your rate due to an accident, download
Jerry
to shop around and compare rates.Jerry is a licensed insurance broker that will collect 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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