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With a 580 credit score, what kind of car loan can I get?
I’m looking to buy a new car, but my credit score is 580, which I know isn’t great. Is there any way for me to qualify for a car loan with a bad credit score?
Michelle Ballestrasse · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
In the post-financial crisis world we live in today, bad credit scores are quite common. So don’t worry—you aren’t alone! And the good news is there are options available to you.
With a 580 credit score, you can get a subprime car loan. If you’re feeling nervous because of the name, that’s because these were largely the type of home loans responsible for the financial crisis of 2008.
Subprime loans are, unsurprisingly, risky to take on—and expensive to boot. You’ll pay more in interest with a subprime loan than with a standard auto loan.
It’s generally advised that you go in with a
credit score
of at least 660 for a car loan. The higher, the better, but this is the benchmark for car loans
that still offer favorable terms and conditions.If you’re feeling nervous about a subprime auto loan, your best bet is to get a co-signer. But remember that if you fall behind on your payments, or default, your co-signer’s credit will be negatively affected the same way that yours will.
Whatever you decide, you can easily save some money by finding more affordable
car insurance
. Just partner up with Jerry
! As a fully licensed car insurance brokerage app, Jerry is always on hand (or rather on phone) to help you save an average of $887 per year.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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