Yes, you can get a car loan with a 600 credit score, which is classified as subprime or fair credit. However, your options will be more limited, and you should expect a significantly higher Annual Percentage Rate (APR) compared to borrowers with good or excellent credit. The key is preparation: thoroughly checking your credit report for errors, saving for a larger down payment, and getting pre-approved from multiple lenders are critical steps to secure the most favorable terms possible.
A 600 score sits near the bottom of the "Fair" range (580-669) in the FICO scoring model, signaling to lenders a higher risk of default. While major banks might be hesitant, you'll find opportunities with captive lenders (financing arms of car manufacturers like Ford Credit or GM Financial) who sometimes have special programs, and with credit unions, which are often more willing to work with members with challenging credit histories. Specialized online subprime auto lenders are another avenue.
The most immediate impact of a 600 score is on your loan's interest rate. The difference in total cost can be substantial. Here’s a comparison based on a $25,000 loan over 60 months:
| Credit Score Tier | Typical APR Range | Monthly Payment (Est.) | Total Interest Paid |
|---|
| Super Prime (781-850) | 3.5% - 5.5% | $455 - $477 | $2,300 - $3,620 |
| Prime (661-780) | 4.5% - 6.5% | $466 - $489 | $2,960 - $4,340 |
| Fair/Subprime (600-660) | 9.5% - 15.5% | $525 - $601 | $6,500 - $11,060 |
To improve your chances, aim for a down payment of at least 15-20%. This reduces the lender's risk. Also, keep the loan term as short as you can afford; a 48-month loan will have a better rate than a 72-month loan. Finally, have proof of stable income ready. If your current loan offer has an excessively high APR, consider buying a less expensive vehicle to lower the loan amount or taking 6-12 months to improve your score before applying.
