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Can I still be approved for a $20,000 car loan if I have bad credit?
I want to get an affordable new car for $20,000, but my credit score is 667. Is this good enough to get a car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Great question! Although you think you might think your credit is bad, your 667 score actually puts you in the prime category, which means you’re probably eligible for a $20,000
car loan
with a decent rate!With a 667 score, you’re not in the top tier, which ranges from 781 to 850, but you’re still in the prime level. The average car loan rate for this tier is 4.21% for a new car loan, although this will depend on your lender, your credit history, your income, and the length of your loan.
Because $20,000 is relatively inexpensive for a new car (most new cars are around $40,000), you position yourself even better for approval. So make sure to shop around and find a lender willing to work with you.
Keep in mind that you’ll also need to budget for full coverage car insurance. To make sure you find the best deal on the coverage you need, check out the
Jerry
app to compare personalized rates from over 50 insurance companies and get the best coverage for your new car.Best of luck with the loan!
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- Gregory R.
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