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What type of car loan can I qualify for with a 500 credit score?
My credit isn't great. Can I still qualify for a loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
A 500 credit score puts you in the deep subprime level of credit scores. While you may still be able to get a
car loan
, the interest rate is likely to be high. Most lenders won’t approve you with a credit score of 500. If you need a car immediately, your best bet is to secure a loan through a
buy here pay here
dealership. Unfortunately, you’ll probably see interest rates in the double digits—so it’s best to avoid this option if you can.If you don’t need a car immediately, here’s what you can do:
- Work on building your credit. While it takes time to build, a good credit score is key to getting good loan terms. Focus on paying off any debts and making regular, on-time payments.
- Shop around. Compare your options to find the best loan terms. While interest rates may still be high, you can alwaysrefinance the carlater as you build credit.
If you get approved for a car loan, you’ll need car insurance to legally drive. With the
Jerry
app, you can compare quotes in just minutes to find the best rates from up to 50 insurance companies.View full answer
- Gregory R.
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