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Can I get a used car loan for a Ford Fusion with a 560 credit score and 20% down?
"I'm 19, and I want to purchase a used Ford Fusion for about $8,000. I have $1,600 to put down and make around $2,000 a month.
My biggest concern is my poor 560 credit score.
Will I get approved for this car loan? "
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“If you do get approved, your interest rate is likely going to be sky-high, probably at 15% or more. If you’re prepared to pay a ton in interest, you might go ahead with the loan, although it’s not the best option.
Keep in mind that if you get a car loan, you’re also responsible for adding full-coverage
car insurance
as a requirement of the loan. At your age, this can easily cost about $400 a month. So if you add in gas, the car note, and insurance, you’re looking at around $800 a month.If you can’t afford this, keep saving a bit more money and find a reliable used car for around $3,000. Continue to build your credit in the meantime, and you won’t fall further into debt.”
View full answer
- Gregory R.
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