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 score 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

Car Loans for People with a 500 Credit Score

If you have a 500 credit score or any score less than 640, you are not alone. If you're not sure what your score is, it will be in your best interest to find out because your credit score has an impact on the terms of any loan that you're approved for. While many people are doing better financially these days, they are still living through the after effects of the downturn that the economy took in the mid 2000's. While they're perhaps no longer unemployed, have 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.

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Buying Cars for $500 Down When you Have Bad Credit

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

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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.

BBB Rating
as of 04/20/2024

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