Unfortunately, it is outside of my price range, so I will have to borrow money. My friend warned me that because of my subpar credit score, I might have trouble obtaining a loan. What kind of auto loan am I eligible for with a credit score of 640, is he correct?
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Can you get financed for a car with a 640 credit score?
You should be eligible for a subprime APR rate with a credit score of 640–649, which will be higher than someone with a 700–800 credit score. With a credit score between 640 and 649, the typical rate for a used car loan is 10. 33% (44. 75% higher than the average rate for a new car).
How big of a loan can I get with a 640 credit score?
With a 640 credit score, you can borrow up to $40,000 to $100,000 or more. Your income, your employment status, the type of loan you obtain, and even the lender all play a role in determining the precise amount of money you will receive.
Is a 600 credit score good enough for a car loan?
A credit score of 600 won’t necessarily prevent you from obtaining an auto loan, but it will probably result in higher interest rates. Before you apply for a car loan, working to raise your credit score can give you more negotiating power and put you in the driver’s seat.
What interest rate will I get with a 640 credit score?
Options for credit cards with a 640 credit score A person with a 640 credit score typically receives a credit card interest rate of between 20 and 25 percent. 5 and 16. 5 percent. A person with excellent credit can get a credit card with an average interest rate of 13 instead. 5 percent.