What's the lowest credit score you can have to buy a car

Asked by Aug 01, 2015 at 02:21 AM

Question type: Shopping & Pricing

7 Answers


Read more here: http://carbuyinghowto.com/good-credit-score-to-buy-a-car/ Credit Score: 500-579 – The minimum credit score to buy a car falls in this range. When your credit score is in this range lenders are hesitant to grant you a car buying loan. There are lenders that will, but they are sub-prime lenders and a down payment of some kind is required. They limit the amount they will lend based on your income and down payment. These types of auto loans are usually reviewed on a case by case basis that also looks at your credit history. I have seen many people buy and finance cars with a credit score in this range, but their interest rate was always double digit and they were required to put down $1500.00 or more depending on the vehicle, mileage of vehicle financed and the length of time on their job. Credit Score: 300-499 – This is not a good credit score to buy a car. In fact this is a bad to very bad credit score and sometimes the best option for buying and financing a car is at one of the many Buy Here Pay Here car dealers scattered across the country. They specialize in low credit score car buying and financing. They have what is commonly called in house financing. This is where the car dealer finances them and the payments are typically made on a weekly basis right where they bought their vehicle.

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Low credit score = high risk for lender = huge interest rate. In my opinion, do not buy a vehicle from a dealer who advertise low credit score loans. Their front price is much higher and their loans have very high interest rate. They could not care less if you don't pay the loan because they are insured. I have seen people getting loans with 25% interest rate and their car was a piece of crap requiring extensive and very costly repair. Sometimes, this is better to drive a $1500 old car than getting hammered by horrendous monthly payments.

1 of 1 people found this helpful.

You can have no credit score and somebody out there will loan you money for a car, but the interest rate will be very high.


Hi, If you are in the military and have 18 months or more left.. we can get you financed with a score as low as 480 and only $500 down. The vehicle can not be older than 5 years with no more than 90,000 miles. we mostly end up putting our clients in a 2012 to 2014 with factory warranty left on them. Great program to get one back on track. Interest rates range from 8.9% to no more than 19.99%. Average has been around 13.9%. If not in the military maybe get financed as low as 560 with at least $1000 to $2000 down. If in than position it always helps to put as much down as you can. Try to avoid Buy-Here Pay -Here lots. Huge money down for a car thats not so great with rates starting at 22%. Good luck from Military Auto Center.com NOW OPEN TO THE PUBLIC!


The high risk lenders charge huge fees to the dealers that is why if you have bad credit you will pay the fees because they are built into the cost of the cars. Pay your bills on time will help you get a better credit score. Simple as that .


Pay your bills is the way to go but unfortunately unforeseen things happen. Lose your job, accident that totals your car and for those who are trying to keep it going the right sometimes just can not. So their credit suffers. Then to not have a vehicle is a hard road to keeping a job. Not all lenders are predatory. Most real banks that are trying to give one a second chance have criteria so that it is now the dealer who eats most the fees and can not pass it to customer. Banks look a lot harder at book value to loan in order to approve a deal. One just has to decide what they can bare for a monthly payment or as someone said.. it is sometimes better to just try to find an A to B vehicle for $2000 or so that will get you to your next level.

Hi, My credit score was around 545. I had a judgement from 2012 and charge offs so my credit dropped over the years. I could not get a better job and was rejected for mortgage loan 4 times. However, I spoke with a mortgage specialist about purchasing and her advice was to get my credit score up to 750 at least, because according to her everything i needed to qualify for a USDA loan was to get my credit score up. Now we have a home in Gaston County NC and I am with stable income!!! The decline in credit was due to pregnancy related complications leading to job loss in February 2011. I fixed my credit score with the help of (PYRAMIDEYE.HACK@OUTLOOK.COM) just in 2 days. You all can reach him via his mail and free yourself from rent bills and unnecessary debts.

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