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Can I get a car loan with a 624 credit score?
My current car just died, and while I’m sad about it, I need to focus on getting a new car. After checking my credit report, I have a 624 credit score. I’m a bit worried it won’t be good enough for a loan. Can I get car approval with a credit score of 624?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Sorry to hear about your ride! You can probably get a
car loan
with a 624 credit score, although your interest rate and APR may be a on the high side. With a 624 credit score, you’re in the nonprime range, which means you’re going to have a higher rate due to the lender’s perceived risk of your credit profile.You essentially have two options:
- Apply for car loan preapproval. This will give you an estimate of your interest rate and the amount a lender is willing to let you borrow.
- Build your credit score until you hit 660. A 660 credit score puts you in the prime range of credit scores, which could create a dramatic decrease in your car loan interest rate.
If you decide to apply for loans with your current credit score, shop around. Not every lender is willing to work with you, but those that are will offer various interest rates. The more you shop around, the better interest rate you’ll find.
In addition, asking a trusted friend or family member with good credit to cosign for your loan may be an option.
If you want to build your credit, start by paying off high-interest debt or any delinquent accounts. The more debt you can pay off, the greater the impact you’ll see on your credit score.
Paying off debt in either scenario will also improve your debt-to-income ratio, or DTI. Your DTI is your total monthly debt payments divided by your monthly pre-tax income. Lenders look for a DTI of 43% or lower to qualify you for a car loan and get you the best rate possible.
If you’re approved for a car loan, you should also start shopping around for car insurance. Just like car loans, the more effort you put into shopping, the better rate you’ll get for your car insurance. Not sure where to start? Try the
Jerry
app.Jerry is a licensed insurance broker that provides quotes from dozens of top-rated and well-known car insurance companies. After you find a great rate, Jerry can help you buy insurance and cancel your old policy. Customers save an average of $887 per year!
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- Gregory R.
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