Can You Get a Car Loan with a Credit Score of 600?

Get Car Financing
Even with poor credit.

By

Contributing Writer

Amy Fortune is a contributing writer for CarsDirect and lead writer/editor for AutoCreditExpress. She also contributes regularly to several other high-traffic blogs. Amy was born in North Carolina and grew up with an appreciation for NASCAR and everything automotive. Now based in the Motor City, she continues to be happily immersed in car culture and automotive finance.


, Contributing Writer - June 4, 2018

If they work with the right kinds of dealers and meet some basic requirements, vehicle shoppers with credit scores of 600 can finance the cars they need and gradually improve their credit ratings by making timely loan payments.

How to Get a Car Loan with a Credit Score of 600

Individuals with “good” credit scores (700 and above) typically have an easier time when it comes to financing car purchases. They normally qualify for competitive interest rates on their loans as well. However, even consumers with credit scores of 600 or less can get approved for an auto loan.

Most banks and credit unions don’t offer car loans to individuals with low (or subprime) credit scores. Therefore, if a consumer finds that their credit score is 600 or lower, they should look for a dealership that handles special financing. These types of dealers have relationships with lenders that offer loans to consumers with subprime credit scores.

Once connected to the right dealers, most car buyers with 600 credit scores must meet the following requirements:

  • A verifiable income of at least $1,500 to $2,000 a month, before taxes – To verify their qualifying incomes, vehicle buyers with low credit scores should obtain their most recent paycheck stubs (from the past 30 days). On the other hand, those with guaranteed fixed incomes should bring dealers copies of their tax returns from the past two years.
  • Proof of full-time employment or a guaranteed fixed income – Paycheck stubs or tax return copies should verify a stable source of income. Most subprime lenders like to see that applicants have held their current jobs for at least six months to a year. If, however, car buyers have recently switched employers, it helps if they have a three-year employment history with no long gaps in between jobs.
  • Valid driver’s license and proof of residency – A valid driver’s license shows the lender that an applicant is at least 18 years of age and has legal status within the country. Subprime auto loan applicants should also bring recent utility bills to verify where they live. Normally, it helps their approval chances if they’ve lived at the same address for at least six months. It’s also advantageous (but not necessary) if car buyers with 600 credit scores own their homes.

If potential vehicle buyers find they don’t meet the requirements for special financing, they can usually finance cars through buy here pay here (BHPH) dealerships. If possible, they should try to work with a BHPH dealer that reports positive payment activity to the credit bureaus. This way, they can use the loan to build their credit scores in order to get a better deal and terms the next time they finance a vehicle.

How Bad Credit Car Loans are Faster with CarsDirect

When consumers with credit scores of 600 use CarsDirect, we get to work immediately. We have relationships with car dealerships that can give consumers with less than perfect credit a better chance at loan approval.

Also, the faster buyers apply, the faster they can get approved for bad credit car loans. So, if you're ready to get behind the wheel of your next vehicle, CarsDirect is ready to get you started. Fill out our simple and secure auto loan request form and you’ll be on your way.

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, Contributing Writer

Amy Fortune is a contributing writer for CarsDirect and lead writer/editor for AutoCreditExpress. She also contributes regularly to several other high-traffic blogs. Amy was born in North Carolina and grew up with an appreciation for NASCAR and everything automotive. Now based in the Motor City, she continues to be happily immersed in car culture and automotive finance.


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