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Credit Score for a loan?

What is the minimun credit score a person can normally have for a car loan? Is the low 500's considered bad?

 
lilma0608

Asked by lilma0608 at 7:57 PM on Jan. 22, 2011 in Money & Work

Level 12 (837 Credits)
This question is closed.
Answers (7)
  • The other posters are right. Chances are you'll find someone somewhere willing to give you a car loan even if your credit score is bad. And a 500 credit score is definitely not good.

    The problem will be the terms of the loan. I would imagine that you'd qualify for a loan in the 20% interest range. Not a good idea. If you can save up cash for a car. Even if it's just a $1000 beater for now, that's better than paying a huge amount in interest every month.

    Good luck!
    Erica_Smerica

    Answer by Erica_Smerica at 10:30 PM on Jan. 22, 2011

  • Different banks have different requirements. Low 500s is not that great, and might not get you anything.
    Anonymous

    Answer by Anonymous at 7:59 PM on Jan. 22, 2011

  • The will loan money to anyone! You just won't get good interest rates as everyone else if your score is low
    genagina

    Answer by genagina at 7:59 PM on Jan. 22, 2011

  • ummm yeah, the 500's is not good. For a car loan- depending on current financial situation you could probably get a car loan with a score around 650-680; meaning if your score is in that range because 1. you're a young person starting out with no established credit or 2. the lower score is a result of previous problems and you have been working to bring it up.
    Leener3

    Answer by Leener3 at 9:45 PM on Jan. 22, 2011

  • But_Mommie

    Answer by But_Mommie at 7:59 PM on Jan. 22, 2011

  • At least a 600 for a car loan... but they do have some that will after you give 10 people (numbers and addresses), 3 current bills to address you live at, proof of employment and so forth to rebuild after a BK, Foreclosure, or simply build credit... Paul Blanco is always on the radio (commercials)
    MommaClark3

    Answer by MommaClark3 at 8:02 PM on Jan. 22, 2011

  • musicmom08

    Answer by musicmom08 at 8:49 PM on Jan. 22, 2011

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