Yes, it is possible to buy a new car with a 615 credit score, which generally falls into the "non-prime" (601-660) range. While you may not qualify for the lowest rates, you can still secure financing. Expect higher interest rates, and prepare for potential requirements like a higher down payment or a co-signer.
In general, you'll need a FICO credit score of at least 661 to qualify for a traditional auto loan, although there are lenders that offer bad credit auto loans. Because interest rates remain high, securing a subprime auto loan may be more difficult — and while it is possible, expect to pay a premium.
There's no minimum credit score required to get an auto loan. However, a credit score of 661 or above—considered a prime VantageScore® credit score—will generally improve your chances of getting approved with favorable terms.
To go from a 600 to a 700 credit score, focus on the biggest factors: pay all bills on time, significantly lower your credit card balances (aim for under 30%, ideally under 10% utilization), avoid opening many new accounts, and check your credit reports for errors. Consistently applying these habits, especially timely payments, builds positive history, while reducing debt lowers your utilization, driving your score up steadily over months.
The 2-2-2 credit rule is a guideline for building strong credit, suggesting you should have two active credit accounts (like cards or loans) for at least two years, with consistent on-time payments for those two years, often with a minimum credit limit of $2,000 per account, to demonstrate financial responsibility to lenders, especially for mortgages. It's a benchmark to show you can handle credit well over time, reducing lender risk and improving approval odds for major loans.
What Credit Score Is Needed to Buy a Car? You can finance a vehicle with a credit score as low as 300, though most lenders consider below 580 “poor.” Scores above 580 unlock subprime deals with APRs around 15 percent, while scores over 620 move you into more favorable interest tiers under 12 percent.
Preapproved offers for credit cards and personal loans typically don't impact your credit score, while mortgage and auto loan preapproval typically involve a hard inquiry, which affects your credit.
The two big credit scoring models used by auto lenders are FICO® Auto Score and Vantage. We're going to take at look at FICO® since it has long been the auto industry standard.
For most people, increasing a credit score by 100 points in a month isn't going to happen. But if you pay your bills on time, eliminate your consumer debt, don't run large balances on your cards and maintain a mix of both consumer and secured borrowing, an increase in your credit could happen within months.
There are several agencies that calculate your credit score. Car dealerships can use any of these credit reporting agencies. However, the most commonly used by car dealers is FICO. Fair Issac Corporation developed FICO Auto Scores to determine someone's creditworthiness for auto financing.
With a 615 credit score (considered "fair"), you can still get credit, but expect higher interest rates; your best options are secured credit cards or credit-builder loans to rebuild credit, while some personal loans, store cards, and even FHA mortgages might be accessible, though with tougher terms, so focus on paying bills on time and reducing debt to improve.
The best times to buy a car are the end of the year (especially December) for big discounts on outgoing models and hitting quotas, fall (Sept-Nov) to clear old inventory as new models arrive, end of the month/quarter for sales staff to meet goals, and specific holidays like Black Friday; Tuesdays and Wednesdays are often better days due to fewer crowds, while late January offers good deals with less holiday shopping competition.
Preapproval is an application process where you submit detailed financial information, and the lender performs a hard credit inquiry, which can slightly impact your FICO Score.
If you want to increase your score, there are some things you can do, including:
You can get a personal loan with just a 600 credit score, but you might not qualify for the best (or lowest) interest rates. A slightly higher credit score of 620 is likely to put you in a comparable position, meaning you may only be offered a higher interest rate and other fees like origination fees.
The 15/3 rule
For those who want to pay credit cards twice a month, the “15/3 rule” may be a good strategy. The 15/3 rule suggests making two payments during your billing cycle: one payment 15 days before the statement closing date and another payment three days before the closing date.