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Is a 560 credit score enough for a car loan?
I just got a new job and need a car to get to it. I have terrible credit, though. Is there a way to get a car loan with a 560 credit score?
Holden Easterbrook · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
However, you don’t need to worry in the meantime. You can still get a car loan with a credit score of 560 by following a few steps:
- Begin saving—Being able to make a larger down payment on a vehicle shows potential lenders that you can be trusted and will help you get a lower interest rate
- **Find acosigner**—Having someone willing to help you pay off your loan will make potential lenders more willing to offer you one
- Look for lenders that specialize in bad credit—There are specialists in every field, just find one that knows how to work with a credit score like yours
- Be ready for high interest rates—Bad credit will mean unfavorable loan terms, so high interest rates are almost a guarantee
Getting an auto loan with a credit score of 560 isn’t going to be a walk in the park, but it is certainly doable. Just be ready for a lot of rejection.
Once you get your new ride, you can save money on your car insurance with
Jerry
to offset your monthly loan payments.As a licensed insurance broker, Jerry saves drivers an average of $887 every year on their car insurance. It does this by finding the best quotes available from more than 50 insurance companies. It takes less than two minutes to start saving hundreds, so download the app today.
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- 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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