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Is a 614 credit score good enough for a car loan?
Early on in my life, I had a bit of a shopping problem. Restoring my credit has been quite the challenge; but, I think I’m close to being able to finance a new car. My credit score is 614, do I qualify for a car loan?
Drew Waterstreet · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
We’re glad to hear about your progress—and we have some good news and bad news to report. A 614 credit score can qualify you for a car loan, but you may have to agree to a higher interest rate or use a cosigner.
Agreeing to the higher interest rate gives the lender more opportunity to make their money back earlier in the loan’s lifetime. Lenders may be eager to offer this deal, so it’s smart to get quotes from more than one bank or credit union.
Using a cosigner is like having a backup plan in case you fail to make payments. Lenders will typically make exceptions to credit scores with this reassurance.
Once you’ve come to terms with your lender, it’s time to find the right
car insurance
for your new car. By using the insurance comparison super app Jerry
, you could save on your policy and offset some of the interest related costs on your loan. The average Jerry user saves $887 a year on car insurance!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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