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Is a 543 credit score good for a car loan?
We’ve just added a new baby to our family and are looking to upgrade to a bigger car. I’ve had some financial issues in my past and I’m not sure if that will affect my ability to be approved for a car loan. My credit score is 543—will that qualify me for a car loan with good terms?
Andrea Barrett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on the new addition to your family! Unfortunately, a credit score of 543 is considered poor, which will probably make it challenging to get a
car loan
. When lenders look at loan applicants, a high credit score indicates that you’re financially sound and able to pay back your loan. Credit scores fall into one of five categories: very poor, fair, good, very good, and exceptional. A score of 579 and below falls into the very poor category. Having a score of 543 means you’ve likely had financial trouble in the past, which doesn’t look good to lenders.
So, does having a score of 543 mean you can’t get a car loan? When it comes down to applying for loans, chances are you won’t qualify for most of them. If you do qualify, your interest rate and terms will likely be higher than you’d like.
Having a bad credit score doesn’t disqualify you from buying a new car, but it does limit you, and will cost you extra money in interest.
Rather than spending an arm and a leg on a car loan, work on building your credit score, which will help you to qualify for more loans and better terms. If waiting it out isn’t an option, finding a
cosigner
can also improve your chances of being approved. Regardless of what option you choose, paying sky-high rates for car insurance is less than ideal. With car insurance comparison app and broker
Jerry
, you can say goodbye to insane insurance rates. Jerry searches 50+ insurers to find you the best coverage for your car at the cheapest rate. All you have to do is download the Jerry app, enter your information, and let Jerry get to work. 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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