Can I Obtain a Car with a 500 Credit Score?
While lenders sometimes finance a home purchase for homebuyers with a credit score of 500, it’s more difficult to finance a vehicle purchase. Although vehicle loans have shorter terms and the car is an asset, lenders hesitate to fund loans to purchase a car with a 500 credit score.
Even though you have blemishes on your credit report, you can overcome them in the short and long term. In the short term for a vehicle purchase, bring a deposit to the table. Plus, you can provide collateral. Another option that increases a borrower’s capacity and power is finding a guarantor for the loan.
If none of those remain at your disposal, you can also apply for a personal loan and use it toward your vehicle purchase.
Mortgage House is a non-bank lender that works with an array of clients. Plus, we provide an array of products such as home loans, consolidation loans, and vehicle loans.
As a non-bank lender, we have different lending parameters than banks. Our focus remains on loans. Banks also focus on servicing savings accounts and deposits. Thus, they must maintain a level of liquidity daily.
To gauge the amount you might qualify to borrow, consider using our Mortgage House online car loan calculator. It’s free and has no strings attached.
Can You Finance a Car with a 500 Credit Score Conclusion
It’s more difficult to finance a car with a 500 credit score. Nonetheless, loan specialists at Mortgage House can explore your options. Contact our team today.