Getting a Car Loan with $500 Down and a 500 Credit Score

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Let's face it, not everyone has the best credit scores or a ton of money to put down on a car these days. However, that doesn't change the reality that situations arise where you need to buy a car with bad credit, including:

  • Your existing automobile has broken down or is about to die
  • Your current vehicle lease is ending
  • You've never had a car before, but need one now
  • You've lost your car in a divorce or bankruptcy proceeding
  • You've moved to an area that doesn't have a public transportation system

Whatever the case may be, the fact is you need an auto loan for people with bad credit for little or no money down and there is no way around it. Well, AutoCreditExpress.com can help. We specialize in bringing together auto dealers and consumers with low credit scores to help individuals buy a car.

Car Loans For People With A 500 Credit Score

car loans with 500 credit score

Your credit score has an impact on the terms of any loan that you're approved for. If you have a 500 credit score or any score less than 640, your auto loan could suffer for it. However if you're not sure what your score is, it only takes a second to get a free credit score.

While many people are doing better financially these days, they are still living through the after effects of the downturn in the economy in the mid 2000's. While they're no longer unemployed, moved beyond a home foreclosure, and are now paying all of their bills on time, their credit score remains a sad reminder of the rough financial times they went through.

So, when it comes time to get a car loan, even if a person is now in a financially stable position, they still have to look for car financing for poor credit. In fact, more than 1.5 million consumers have applied for auto financing through Auto Credit Express in just the last two years. If this describes your situation, you'll be happy to know that we can help you get approved for a loan to buy a car just as we have countless others in the last 15 years.

Buying Cars For $500 Down When You Have Bad Credit

car loans with 500 credit score

While it's possible to get a new car with a $500 down payment, many opt to purchase pre-owned vehicles because of the many benefits including:

  • A lower interest rate
  • A lower amount financed
  • A lower monthly payment

Financing these types of automobiles is especially attractive to car buyers with a low income who are on a budget.

Many people think that if they have damaged credit and can only make a low down payment, they may end stuck with a cheap used car that is on its last legs from a shady bad credit car lot. Well, it doesn't matter if you have $500 down or no money down, there are plenty of good pre-owned vehicles available to people with less than stellar scores.

Many of the car dealerships we work with in the U.S. and Canada offer a great selection of late model, low mileage used sedans, trucks and SUVs to pick from. And because their reputation is on the line, they make sure that all the automobiles they put out on the lot are fully serviced and are safe and reliable.

Get Approved For a Low Money Down Car Loan for Poor Credit

As you can see, having a below 500 credit score and only $500 down doesn't have to make the auto financing process difficult. In fact, we've made the process as fast and easy as possible. Best of all, it's free.

  1. Get pre-approved by filling out our online auto loan application. When you do, you'll find out how much you could qualify to borrow.
  2. We'll arrange for a local car dealership in your area to contact you to review your financial information and make an appointment for you to visit them.
  3. Shop their car lot to pick out the vehicle you want that you know you can afford.
  4. Sign the paperwork and drive away!

You can apply online anytime at your convenience and the whole process can take less than two days.

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