What Car Loan Can You Get With a 650 Credit Score? | FINN (2024)

FAQs

Can I get approved for a car loan with a 650 credit score? ›

Getting a car loan is possible if you have a 650 credit score. Although the loan terms may not be ideal, and you'll end up paying more for the car than someone with a lower credit score, you're still eligible for a loan.

You can borrow as much as $40,000 - $100,000+ with a 650 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.

The credit score required and other eligibility factors for buying a car vary by lender and loan terms. Still, you typically need a good credit score of 661 or higher to qualify for an auto loan. About 69% of retail vehicle financing is for borrowers with credit scores of 661 or higher, according to Experian.

Yes, you can still get a personal loan with a 650 credit score. Interest rates will be higher than people who apply for loans with good or excellent credit, but there are plenty of lenders out there that will consider your loan application.

Requirements to receive a personal loan

This allows them to look at your history from the past seven years and see whether you've typically made payments on time. For a $30,000 loan, you'll typically need a credit score above 600 just to qualify or above 700 to get a competitive rate.

You'll have the best chance of getting approved with an excellent credit score, such as one above 800. You may struggle to find a lender that will approve a $50,000 loan for folks with poor or bad credit. A "poor" credit score is considered 580 or under. Most lenders require at least a "fair" score of around 670.

Some individuals may see significant improvements within a few months, while others may take a year or more to achieve their desired score. Ultimately, the key to improving your credit is consistency and responsible financial management.

The credit score you need to take out a $5,000 personal loan, or a loan of a different amount, ultimately depends on the lender. On average, you'll need a credit score of around 650 to be approved for a good interest rate on a personal loan. Rocket Loans has a minimum credit score requirement of 640.

As someone with a 650 credit score, you are firmly in the “fair” territory of credit. You can usually qualify for financial products like a mortgage or car loan, but you will likely pay higher interest rates than someone with a better credit score. The "good" credit range starts at 690.

What is the minimum FICO score for a car loan? ›

Most used auto loans go to borrowers with minimum credit scores of at least 675. For new auto loans, most borrowers have scores of around 730. The minimum credit score needed for a new car may be around 600, but those with excellent credit often get lower rates and lower monthly payments.

Mortgage. If you have a 650 credit score you'll still have the ability to get a mortgage loan. Similar to an auto loan, you'll likely be dealing with higher interest rates which means the home will cost you more. With a credit score of 650, you'll have a couple of different home loan options.

According to a report by FICO, only 23% of the scorable population has a credit score of 800 or above.

While lenders have different requirements, there's no minimum credit score to buy a car, even newer models. Borrowers with excellent credit have access to the best interest rates, but some lenders work with borrowers who have lower credit scores.

Credit score: You might need a credit score of at least 740 to be considered for a 0% APR loan. The minimum credit score depends on the dealership and the car you're interested in purchasing.

Requirements for a $20,000 Personal Loan

This means they'll want to see your credit score, income level and DTI ratio. Requirements vary by lender, but most lenders require borrowers to have a credit score in the good to excellent range — meaning a score of at least 670.