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Can I get a car loan with a payment of around $150 a month with poor credit?
I have a 599 credit score, which isn't great, but I need a new car pronto. I can afford a payment of around $150 a month, which means I'm going to have to get a new car. I have $1,000 for a down payment. Is there any way to get a payment of $150 a month with a credit score that low and little for a down payment?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“With a credit score below 600, you’re probably looking at double-digit interest rates. You’ll also have to look for a car that’s below $10,000.
Even when combining these two aspects, you’re probably not going to find a financially sound car loan that you’ll want to sign.
The only way to determine this is if you shop around with lenders. Some banks and lenders won’t touch car loans below a certain dollar amount, so you need to be aware of your constraints before shopping for cars.
If you can save or budget to afford a $200 to $225 a month payment, you may be able to find something that works. You’ll still have a high interest rate, but you’ll likely get approval.
In addition to shopping around with lenders, don’t forget about your
car insurance
. Your lender will likely require full coverage on the vehicle. Depending on your age and the vehicle you get, full coverage can cost anywhere from $100 to $500. Before you buy a vehicle, shop around on
Jerry
. You can get an idea of how much more you’ll need to budget each month and whether it’s something you can afford.”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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