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Is a 507 credit score good for a car loan?
I’m in the market for a new car, and I just checked my credit before I start applying for loans. Can I get a car loan with a 507 credit score?
Andrea Barrett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Being approved for a
car loan
can be really challenging, but if you’re looking to buy a car (and you can’t pay cash), you’ll need a car loan. Investors like good credit because it shows your finances are in line, so a credit score of 507 probably is not high enough to qualify you for a low-interest car loan. Low credit scores are generally an indication of past financial hardship, which can make being approved for a car loan difficult. A score of 507 is considerably below average (it’s considered a poor credit score) and will make it difficult to be approved for a loan that doesn’t require collateral or a security deposit.
This score is also below the subprime threshold that lenders will even consider for offering credit.
Saving up money to buy a car can be expensive, but if you can build your credit, your chances of being approved for a car loan will increase significantly. At that point, you will qualify for more offers with better terms and rates. The other option you have for purchasing a car is to
get a cosigner
who pledges to back the car loan if you’re unable to make payments.Buying a car can be a big investment, but you shouldn’t have to empty your savings account to insure it. With car comparison super app and licensed broker
Jerry
, you can put the days of high car insurance payments to bed. Jerry searches quotes from 50+ of the country’s top insurance companies to find you the lowest rate on the best coverage. Signing up is simple. Just download the app, answer a few questions, and let Jerry save you money! How much can you save? On average, Jerry users save $887 per year on car insurance.
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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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