Can I Get a Car with a 600 Credit Score?

A vehicle is a life-changing purchase for many. However, if there’s a loan standing between you and your new car, you might want to know what your credit score is and whether or not you will be able to get the loan you need.

Here’s what you should know about cars, credit scores, and whether you can get a car with a 600 credit score.

About Your Credit Score

Credit scores are calculated behind the curtain by credit providers. When you make financial decisions, your credit score either goes up or down as a result. Loan applications, active current loans, and the history of your loan repayments are all things that individually affect how high (or low) your credit score goes.

A high number of active loans or missed payments can decrease your credit score. However, having no credit at all can also reduce your credit score. A credit score is a number that you should be aware of and keep in mind at all times. When your credit score goes down too low, you should begin making more responsible financial decisions. For example, always pay loans on time when you can.

When it’s time to apply for a car loan, the first thing that a potential lender will do is check your credit score. A good credit score or a bad credit score will influence just how likely some lenders will be to grant this loan to you (or not).

Credit Score: Ups & Downs

If you have a 600 credit score, there’s no need to worry about your entire financial future just yet. A 600 credit score number isn’t as bad as you might imagine (or debt rescue companies would have you think!). A 600 credit score is still above average, and it means that you have a somewhat responsible payment history/financial past.

Having a 600 credit score means that you are a financially responsible adult, but have taken a couple of financial turns that have brought your credit score down a few notches. It’s not impossible or unlikely to get an auto loan if you have a 600 credit score.

Can I Get a Car with a 600 Credit Score?

Yes, although some of the most popular auto lenders are just less likely to provide credit than others. If you have a 600 credit score, some of the banks and lenders you approach might decide that you (or the vehicle) isn’t worth the risk associated with your credit history.

The good news is that there are alternative ways of getting a loan, and there are certainly other loan providers.

1. The Right Provider

If you can’t get a loan through one bank or company, find another company that might be willing to grant credit at the same terms. Companies have different criteria of what credit score they would consider moderate to low-risk. These companies are more likely to give you a loan when you need it the most. Always try several companies if you are looking out for a vehicle loan.

2. Alternate Lending 

Alternate lending can provide relief if you would like to get an auto loan but won’t get approval through normal means. Obtaining the money needed to finance a vehicle doesn’t have to come from pure auto finance plans. In fact, it can also come from other avenues such as personal loans.

If you are more likely to get one type of loan than another, find an alternate lending plan that is more likely to fit your credit score.

3. Payday Loans

Payday loans are sometimes available to those with a low credit score. These types of loans often come with a higher risk. A payday loan has a very short repayment term. However, you are also more likely to get a loan this way.  There are hundreds of reputable lenders who offer payday loans.

If you cannot source vehicle financing through regular means, try a payday loan to fill in the gap. Make sure you will be able to pay for the loan in the future, or else you will only cause your credit score to decline further.