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Is a 533 credit score good for a car loan?
My wife and I are having a baby, and I’m looking to upgrade my compact car to an SUV to accommodate our expanding family. After checking my credit score, I found out it’s not as high as I thought. Is a 533 credit score good enough to qualify me for a car loan with good terms?
Andrea Barrett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on the new baby! Welcoming a new family member and buying a new car are both exciting milestones. Unfortunately, applying for a
car loan
usually isn’t. Generally speaking, investors want to know that you’re financially stable and will pay your loan back in a timely manner. A credit score below 579 is considered poor, which means that getting approved for a car loan with good terms with a credit score of 533 is unlikely.Most lenders choose not to approve car loans for people with poor credit scores. Because of this, your options to borrow money or finance are limited. With a credit score of 533, your best bet is to focus on building your credit history and increasing your credit score before applying for any loans.
Does that mean you can’t buy a car? No—but you may want to have a larger down payment or be prepared to pay higher interest rates with less desirable terms.
Alternatively, you can
get a cosigner
that shows lenders your payments will be covered regardless of the situation. While the interest rate on your car loan may be through the roof, the insurance for it shouldn’t be. If you want to save money and find the best coverage, car comparison super app and licensed broker
Jerry
can help. It finds quotes from more than 50 of the top insurance companies to get you the best rate. The average Jerry user saves $887 per year and signing up is easy.Download the Jerry app, enter your information, and we’ll find the most competitive rates. Once you’ve chosen, Jerry will take care of the rest. And best of all, you’re getting support from start to finish.
All of the money you’re saving on car insurance could go towards saving for a new car downpayment!
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- 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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