Auto loan shoppers with FICO scores of 619 and below are regarded as having bad credit. This means getting approved can be challenging and time-consuming, but NOT impossible.
Traditional vs Non-Traditional Car Lenders
Credit unions and banks typically offer the best auto loan rates; unfortunately, they’re notoriously picky when it comes to high-risk and bad credit applicants. Many have minimum credit score requirements. If yours is too low, you could get auto-declined, no questions asked.
If you need an auto loan with 600 credit score or lower, your best bet is probably a subprime lender or non-traditional dealership that offers in-house buy here pay here financing. Dealers offering this type of financing range from small independent car lots to franchise mega-dealerships with special finance departments.
Maximizing Your Chances of Approval
Car Loan with 600 Credit Score: Apply Today!
Since the economic downturn that hit the nation in the fall of 2008, car credit applicants have been having a tougher time than ever getting approved for financing. Auto loan rates with bad credit are typically in excess of 10%, and that raises monthly payments to a level that applicants have too high a payment-to-income ratio to get approved. After all, if your car debt takes up too much of your income, you’re likely to run into trouble making payments.
The good news is it’s now becoming easier to get approved, especially if you utilize Buy Here ‘N Pay Here to find a dealer or lender willing to extend you credit. Instead of running all over town filling out applications, you can fill out 1 application from the comfort of your home computer and our system will attempt to find you a dealer or lender willing to approve your 600 credit auto loan.
Finding the right dealer is key. Recently dealers have reported being able to get 75% of people approved for a 550 credit score car loan. To find a local Buy Here Pay Here dealer willing to approve you for in-house financing, apply online.
