We know that not everyone has the best credit score and you are not alone there are thousands of people with a credit score of 500 or even less. You may not even have a lot of money to put down on a new or used car and that’s okay.
Special financing with a 500 credit score
There are other special financing that you can look into like the following:
- Buy here pay here
- Rent to own
- In-house auto financing
We have the auto financing requirements you need even if you have a 500 credit score. We bring you the best qualified bad credit auto loan car dealerships in your area for new and used cars.
You may only qualify for a used car with bad credit and we can find that car dealership that makes owning a car with a 500 credit score possible. Our car dealerships specialize in low credit car loans so they know what they can do for you.
Your credit score does have an impact on the terms of the auto loan and the interest rate the lower your credit score the higher interest you will pay on the auto loan. We have the ability to connect you to the proper car dealership with a 500 credit score so you don’t have to be turned down.
Some of our credit dealers that offer 500 credit score auto financing may also offer $500 down payments on a select few used cars but it all depends on what the car dealership has in their inventory.
Why people look at used cars with a 500 credit score
We know that a new car with a 500 credit score sounds appealing but most car buyers will look for used car financing offers for the following reasons with bad credit.
- Lower amount to finance
- Lower monthly payment
- They may get a used car at a lower rate
At some of our car lots, you may qualify for $500 down cars on the lot or no money down cars at the local car dealership that is pre-owned.
So a 500 credit score isn’t impossible to get a used car if you work with a car lot that offers the correct auto financing. We do recommend that you try and do these steps though if you can.
- Get pre-approved
- Shop the local car lot we can connect you with
- We will arrange the car dealership visit so you know they will work with you
If this is something that you want to do we can help you with the process of getting connected to the nearest car dealership offers for bad credit. Start online to find your sedan, truck, or SUV.
We do encourage you to have a down payment saved for a used car and don’t overlook the cost of cars with bad credit, shop for a vehicle that is budgeted for you. The interest rate for a car with a 500 credit score is what’s going to matter the most so make sure the rate is low for you.
Bad credit interest rates at let’s say a 500 credit score can start at 14% in most cases. Even having a 600 credit score can make a huge difference in the interest rate for a used car and a new car.