Can I Purchase A Car With A Low Credit Score?

Credit Score & Car Loans: What You Need to Know Before You Buy

Your credit score plays a massive role in determining whether you can finance your dream car—and at what interest rate. But how exactly does it impact your car loan? And can you still get approved with a low score? Let’s break it down so you can shop smart and save big when financing your next vehicle.

How Your Credit Score Affects Car Loan Rates

Your credit score is a three-digit number that tells lenders how reliable you are at paying back debt. The higher your score, the lower the risk for lenders—which means better loan terms for you!

Here's how different credit scores impact car loan interest rates:

*Everyones situation is different. Please speak with our sales for more details about your credit.

Did you know? A 40-point increase in your credit score could save you thousands of dollars over the life of your loan!

Can You Get a Car Loan with Bad Credit?

Yes! Many lenders offer bad credit auto loans, but they often come with higher interest rates and larger down payment requirements. However, there are ways to improve your chances:

Tips for Getting Approved with Low Credit:

• Make a bigger down payment – The more you put down upfront, the less risk for lenders.
• Get a co-signer – A trusted friend or family member with good credit can help secure better rates.
• Shop around – Different lenders have different approval criteria—don’t settle for the first offer!
• Consider a used car – Used cars typically come with lower loan amounts, making financing easier.

Improve your credit before applying – Pay off outstanding debts and dispute any errors on your credit report.

Fast Ways to Boost Your Credit Score Before Financing

If you're planning to buy a car soon, here are some quick credit-boosting strategies:

•  Pay off small debts – Even knocking down $500-$1,000 of credit card debt can help.
•  Keep credit card balances below 30% of your limit.
•  Avoid opening new credit accounts right before applying for a loan.
•  Check your credit report for errors – You can dispute mistakes and potentially raise your score.

Find the Right Car Loan at iDeal Automotive Sales of Bayside!

Financing a car doesn’t have to be stressful! At iDeal Automotive Sales of Bayside, we work with trusted lenders who offer competitive rates for all credit types. Whether you have excellent, fair, or poor credit, we’ll help you get the best possible deal on your next car.

Visit us today at:
iDeal Automotive Sales of Bayside

196-33 Northern Blvd, Flushing, NY 11358
Call us now: (718) 313-9239

Check out our latest deals online and schedule your test drive today!