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Is a 475 credit score good for a car loan?
I’m looking to buy a new car but my credit score is pretty low. Is 475 a good enough credit score to be approved for a car loan?
Andrea Barrett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Being approved for a
car loan
can be really stressful but unfortunately, a credit score of 475 likely isn’t high enough to be approved for a car loan.A low credit score is usually a sign to lenders that you’ve had financial challenges in the past—or you’re just starting out on your credit journey. Either way, a score in this range can make it difficult to be approved for a low-interest car loan or unsecured credit that doesn’t require collateral or a security deposit.
Rather than paying exorbitant interest rates, focus on building your credit. As your credit score increases you’ll start to qualify for more offers with better terms and rates. If you aren’t able to wait it out, another option is to
get a cosigner
with good credit to help you get approved.If you’re worried about paying crazy amounts for a car loan, you can rest assured that you’ll save money on your car insurance with
Jerry
. As a car comparison super guru and licensed broker, Jerry searches over 50 of the top insurance companies to find you the best coverage at the best price. All you have to do is download the app, enter your information, and let Jerry get to work saving you money. Once you choose a policy, Jerry will even cancel your old one! With Jerry, you could be saving an average of $887 per year on car insurance.
View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
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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