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With a 640 credit score, what kind of a car loan can I get?
I found my dream car! Unfortunately, it’s out of my budget and I’m going to need to borrow money. My friend mentioned that my credit score is just okay and said I might have trouble getting a loan. Is he right? What kind of car loan can I get with a credit score of 640?
Maxine Boyko · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
While your friend is right that your credit score is considered fair, that doesn’t mean securing an auto loan is impossible!
With a 640 credit score, a new car loan interest rate hovers around 6.5% and a used car loan sits at about 10.5%. A credit score of 640 is below the national average of 710.
What your friend was probably trying to explain is that although you will likely be eligible to secure pretty much any auto loan on the market, you’ll probably have a tough time finding a reasonable interest rate. But don’t give up on getting the car of your dreams!
Putting down a higher down payment and having a
co-signer
can help you obtain a better deal on your loan terms. Finding great savings on your
car insurance
policy can also help take the financial edge off higher interest rates.The car insurance comparison shopper
Jerry
is a pro at finding the best rates from over 50 top insurance companies. Once you’ve selected a quote that fits all of your needs, you can sign up directly through the app—no long forms, no phone calls, no problem. Finding affordable car insurance fast is easy with Jerry. View full answer
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