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"Where can I get a car loan with a 534 credit score? "
"I was told to try a credit union that specializes in bad credit loans, but I was denied.
I only need $5,000 to buy the car with my $2,000 down payment. Can I apply for a loan elsewhere or am I wasting my time?
"
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“There are plenty of online lenders that specialize in
poor credit car loans
. They are usually easy to find with a quick Google search. If you go that route, though, you should be prepared to pay a super-high interest rate, around 20% or more. Based solely on your credit score, a better option for you would be to take a step back from the car and save your money. In a few months, you might be able to pay cash for a car and avoid paying an inflated amount of interest.
In the meantime, you may want to consider raising your credit score by using a secured credit card. By paying off your credit card bill in full and on time each month, you can improve your score. For free credit monitoring services, check out
CreditKarma
and FreeCreditScore.com
.”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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