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Is 541 a Good Credit Score for a Car Loan?
I’m worried about how my credit score is going to affect getting a new car. Is 541 a good enough credit score to get a car loan?
Pat Roache · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
We are wishing you the best of luck with your new car goals, my friend. Any credit score less than 660 is going to make it very difficult for you to get approved for a car loan with a good interest rate from a financer.
With a Very Poor (FICO© Rating) score like 541, you may still be able to get approved for a loan if you find the right loaner, but you’ll likely have to provide the following supplements:
You’d improve your chances for approval if you got your credit score up to 600, but you shouldn’t expect a competitive interest rate or short loan term for any score less than 660.
If a high interest rate puts even more strain on your finances,
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