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Is a 599 credit score good for a car loan?
After working for minimum wage for years, I recently got a better job, and now I’m looking to sell my car and upgrade. Unfortunately, those struggle years took a toll on my credit. Can I qualify for a good rate on a car loan with a 599 credit score?
Andrea Barrett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Way to go on the new job! On the credit scale of 300 to 850, a credit score of 599 is considered fair, but it still may be to get approval for a
car loan
. Lenders want to know that when they approve loans, they will be paid back in a timely manner in regular intervals. With a credit score of 599, most credit lenders will not approve a loan because it’s too risky. Although getting a car loan with a 599 credit score will be difficult, it can be done—but be prepared to pay high-interest rates with less-than-optimal terms.
The best way to get approved for a car loan is to work on building your credit. Taking a few months to work on increasing your credit score will not only qualify you for more loans and better terms but will also save you a lot of money.
However, if you’re dead set on getting a car now, securing a
cosigner
with good credit can help to get you approved. However, know that a cosigner is liable for payments if you default. Buying a car with bad credit can be expensive, but your car insurance shouldn’t be. Once you’re approved for a loan, it’s important to ensure your car is protected. Car insurance super app
Jerry
helps you find the cheapest car insurance in your state. All you have to do is download the app, answer a few questions, and Jerry will search through 50+ insurers to find you the best coverage for the best rate. And when it’s time to switch, Jerry takes care of all the paperwork so it’s completely hassle-free.
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- Gregory R.
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