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Is a 643 credit score good enough for a car loan?
Will I be able to get a good interest rate on a car loan if my credit score is 643? I don’t totally understand how your credit score affects your loan, so I’m not sure if I should try to build my credit first or not.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If you have a 643 credit score, it’s not a bad idea to try to raise your score before applying for a car loan. 643 is considered a Fair credit score, which means the lender will consider you a risky borrower. This can make it more difficult to qualify for a loan with a good
APR
.However, 643 is very close to the 669 cut-off for a Good credit score. This means that you can raise your credit score relatively quickly by:
- Paying your bills on time
- Using less of your credit limit on your credit card
- Paying off some of your outstanding debt
Keep in mind that you’ll need to purchase insurance for your new car, too. If you’d like some help finding the best rates, check out the
Jerry
app. There, you can see a list of car insurance quotes that work for you in minutes. The average user saves $887 per year.View full answer
- Gregory R.
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