Will a Score of 607 Get You a Car Loan?

A high credit score makes it easy to get a car loan at a good rate. However, a poor credit score -- 607 qualifies as poor -- doesn't mean you cannot finance a car purchase. Vehicle lenders can be fairly liberal when it comes to approving loans. You'll just pay a higher price for having that lower score.

Car dealers have access to lenders that accept and approve applications from buyers with less-than-stellar credit reports. These lenders specialize in providing loans to buyers with credit problems. Typically, a poor credit car buyer needs to put up a larger down payment, and the interest rate and monthly payment often are higher than for a buyer with good credit. In most cases, someone with a steady jobs and enough pay after expenses to cover the car payment can qualify for some form of auto financing.

Auto financing companies that work with credit-challenged car buyers don't rely on credit scores. They already know that the buyers have credit problems. This type of lender requires information such a pay stub that shows how much you make, a utility bill that verifies where you live and the names of individuals who know you. The dealer finance manager gives you a list of items that the lender wants to see. Complete the list to the best of your ability to maximize your chances of getting the car loan.