Can I get a car with a 500 credit score?

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asked Dec 31, 2018 in Buying & Selling by chrystalrg60 (200 points)
Can I get a car with a 500 credit score?

My credit score is 500 and I need to buy a car is it possible for me to get a car loan while having a 500 credit score?

1 Answer

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answered Dec 31, 2018 by francineoe18 (410 points)
When I had a 500 credit score I tried to get a car loan but couldn't get the car loan unless I had a cosigner sign the car loan agreement along with me.

The cosigner had to have at least a 700 credit score before I got approved for the car loan.

So unless you get lucky and find some used car dealership that approves bad credit then you'll have a hard time getting approved for a car loan especially a new car loan with a credit score of 500 which is not good.

You may be able to get approved for the car loan with a 500 credit score if you can find a cosigner that has a good credit score and have them sign the car loan agreement along with you.

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