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Is a 590 credit score good enough for a car loan?
I totaled my car over the weekend and I need a new one. How do you get a car loan with a credit score of 590?
Holden Easterbrook · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear about your car—having a vehicle
totaled
can be a financial nightmare and more than a little traumatic. A 590 credit score may be good enough for a car loan. However, you’ll need to do a few things:
- Save for a sizeable down payment—A larger down payment will make your monthly loan payments more manageable and make you more appealing to potential loan providers
- **Ask friends or family toco-sign**—Having someone to share the responsibility of paying off the loan with you should put many potential loan providers at ease
- Look for a loan specialist—There are loan providers that specialize in cases of bad credit, just be ready for high interest rates
Following these steps won’t guarantee you a car loan with great terms, but it will certainly make the process easier. While you’re hunting for a loan, you can also use this time to find cheaper car insurance with
Jerry
.As a licensed insurance broker, the Jerry super app saves users an average of $887 every year on their car insurance. All you need to do to get in on the savings is download the app, answer a few quick questions, and wait less than two minutes.
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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