What is the Lowest Credit Score I Can Have and Still Buy a Car?

by Admin - Posted 1 month ago

A person’s credit score can have a deep and lasting impact on many aspects of their life. That three-digit number attached to your name and accessed every time you apply for a loan or credit card, or try to rent an apartment, is calculated from information about your credit accounts. Every time you open up a new line of credit, make a payment on a loan, or carry a balance to the next month, your credit score could be impacted. Just with a quick glimpse at your credit score, many lenders will make an assumption about your financial history, your current income, and how likely you are to pay back money lent to you. It’s quick, efficient, and flat out unfair.


The Problem with Credit Scores


Even with the technology available today to access a customer’s credit history, it’s impossible to define a person’s abilities to repay a loan simply by assigning them a three-digit number. Credit scores do not take into account the X factor in life, when maybe a medical emergency or some other unforeseen event forced an individual into debt through no fault of their own. They may not take into account the fact that people change over time. Everyone goes through difficult times and makes mistakes. But some people learn from them, then take positive steps to improve their situation.


Finally, credit scores don’t always make enough considerations for people without a well-established credit history. Meaning, you could be hardworking and earn a good wage, but young and just getting started establishing your credit. Or maybe you’ve made your way through life preferring to pay cash for the things you buy, avoiding debt by eliminating the temptations of carrying credit cards around in your wallet. Either way, if you don’t have a history of cyclical loans being borrowed and paid back, this could potentially reflect negatively on your credit score. 



Taking a Different Approach


At Cincinnati Auto Credit, we’re frequently asked the question, “what’s the lowest credit score I can have and still buy a car?” The answer is, on our lots, your credit score doesn’t matter.


While a good credit score can be the gateway to wealth and opportunities, having a bad score can have you denied for a loan without a second thought. We think that’s unfair, and that’s why everyone who walks in our door is treated on a case-by-case basis. We listen to your situation, take a close look at your income and expenses, and help you figure out your budget for a new-to-you vehicle. And even if you don’t have any credit history, we look at your credit report like a blank slate, waiting for you to build a solid financial reputation.


So if you’re worried that your credit score will keep you from buying a new-to-you car to get your life on the move, we invite you to contact us today and give us a chance to help you figure out how to make it happen.