You should be able to get a car loan with a 603 credit score without a problem. Truthfully, people can get a car loan with almost any credit score—the difference will be what kind of interest rate you can secure. A score of 603 may get you an interest rate of between 11.92 percent and 4.68 percent on a new car loan.
There is no set credit score you need to get an auto loan. If you have a credit score above 660, you will likely qualify for an auto loan at a rate below 10% APR. If you have bad credit or no credit, you could still qualify for a car loan, but you should expect to pay more.
Unless you have the cash, that means you need an auto loan. It's essential to be knowledgeable about how your auto loan process will be different than someone with a higher score. You might not have the same options, but you can still get an auto loan with a 600 credit score.
A credit score of 600 won't necessarily keep you from getting an auto loan, but it's likely to make that loan more expensive. Taking steps to improve your score before you apply for a car loan can put you in the driver's seat and make it easier to negotiate the best possible loan terms.
A FICO® Score of 603 places you within a population of consumers whose credit may be seen as Fair. Your 603 FICO® Score is lower than the average U.S. credit score. Statistically speaking, 28% of consumers with credit scores in the Fair range are likely to become seriously delinquent in the future.
Key Takeaways. Your credit score is a major factor in whether you'll be approved for a car loan. Some lenders use specialized credit scores, such as a FICO Auto Score. In general, you'll need at least prime credit, meaning a credit score of 661 or up, to get a loan at a good interest rate.
It's not impossible to get a car loan with a credit score of 606, but you may have to agree to more expensive terms. Your credit score is a reflection of your ability to pay off debt on time and in full. A credit score of 606 is considered nonprime and can concern lenders.
An individual with a 606 credit score will typically receive a credit card interest rate of between 20.5 and 16.5 percent. In comparison, someone with excellent credit can receive an average credit card interest rate of 13.5 percent.
Although a 650 credit score is desirable for any loan, first time car loans may require a score of 680 or higher to waive any co-signer requirements.
The recommended credit score needed to buy a car is 660 and above. This will typically guarantee interest rates under 6%.
Auto dealerships use the FICO credit bureau, which stands for Fair Isaac Corporation. They also use the FICO Auto Credit Score, which has a range of 250 to 900. This may mean that an auto dealer has a different credit score for you than the one you see on your personal credit report.
You should be able to get a car loan with a 593 credit score without a problem. Truthfully, people can get a car loan with almost any credit score—the difference will be what kind of interest rate you can secure. A score of 593 may get you an interest rate of between 11.92 percent and 4.68 percent on a new car loan.
According to credit reporting agency Experian, more than 21% of auto loans in the fourth quarter of 2018 were extended to borrowers with subprime (501-600) or deep subprime (500 or below) credit scores. So, the answer is yes, you can buy a car with that credit score.
A FICO® Score of 606 places you within a population of consumers whose credit may be seen as Fair. Your 606 FICO® Score is lower than the average U.S. credit score. Statistically speaking, 28% of consumers with credit scores in the Fair range are likely to become seriously delinquent in the future.
Pay on time.
One of the best things you can do to improve your credit score is to pay your debts on time and in full whenever possible. Payment history makes up a significant chunk of your credit score, so it's important to avoid late payments.
Don't worry too much, though—you can totally find a decent car loan with a score of 607. A 607 credit score is considered nonprime, so you can expect your car loan's APR to be somewhere between 6.32% and 9.77%. Lenders reserve the best rates for applicants with credit scores of 661 and above.
A 601 FICO® Score is considered “Fair”. Mortgage, auto, and personal loans are somewhat difficult to get with a 601 Credit Score. Lenders normally don't do business with borrowers that have fair credit because it's too risky.
You should be able to get a car loan with a 602 credit score without a problem. Truthfully, people can get a car loan with almost any credit score—the difference will be what kind of interest rate you can secure. A score of 602 may get you an interest rate of between 11.92 percent and 4.68 percent on a new car loan.
For best results, you should aim for at least a FICO score of 660 before applying for a new car loan.
The FICO model gives credit-using adult consumers a credit score between 300 and 850, ranging from “very poor” to “exceptional.” A credit score of 603 falls into the “fair” range, which includes scores between 580 and 669—essentially, if you have a 603 credit score, it isn't great, but it's not awful either.
← Scroll to view → For Experian credit scores, a score between 625 to 699 is considered 'good', 700 to 799 is 'very good', while scores of 800 and up are deemed 'excellent'.