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Is a 518 credit score good for a car loan?
I’ve had a few financial troubles in the past and my credit score took a hit. I want to buy a new car—will my 518 credit score qualify me for a car loan?
Andrea Barrett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
That’s great that you’re ready to buy a new car and looking for loans! Credit scores range from 300 to 850 and anything below 579 is considered a poor credit score. In order to be approved for a
car loan
, you need to have a good credit score to show lenders you’re financially reliable.There are five major factors that contribute to your credit score:
- Payment history
- Debt
- Length of credit history
- Credit mix
- New accounts
Investors want to know that if they approve you for a car loan, you’ll be able to pay it back in a timely manner. While not impossible, you will probably find it difficult to get a car loan with a credit score of 518, at least one that doesn’t require collateral or a security deposit.
The other option you have for getting a car loan with a poor credit score is to find a
cosigner
who can pledge to back your car loan payments if you’re unable to make them. Although buying a car outright can be expensive, if you can save money and focus on building your credit, you will have a larger down payment and a better chance of being approved for a car loan.
Once you’re approved for a car loan and you get your new car, you’ll want to make sure you have the proper insurance. Car comparison app and licensed broker
Jerry
finds you the best deals on car insurance in your state.And getting started is easy—simply download the Jerry app, enter your information, and Jerry will find you the best rates on car insurance from over 50 of the top insurance companies. Once you pick your policy, Jerry will even finalize the paperwork.
View full answer
- Gregory R.
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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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