640 Credit Score Auto Loan Interest Rates in 2019

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Getting car loan with 640 FICO score

Obtaining an auto loan might be easy for some, but more difficult for others. This is why it is important to consider which credit range you fall in and how it might affect how you qualify for a auto loan with 640 credit score. Once you know your credit rating, you can then decide what to do, where to go, and who to work with regarding the auto loan you’re in need of.

Our top pick: myAutoloan.com
Best for new/used cars or refinancing. Receive online certificate or check within 24 hours and use your check to buy the car you want or use it to refinance your current loan
  • Minimum credit score*: 550
  • Term of loan: 24 to 84 months
  • APR: Varies
  • Must have a Social Security number
  • Make $24,000+/year
  • Have no open bankruptcies
myAutoloan.com
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People with 640 credit score generally can get approved for a car loan as long as they have steady income that they can prove or if they have a co-signer. With either of these two options, they’re able to go in and obtain the vehicle of their choice depending on how much they were approved for, given their income history.

Name
Min. credit score*
Term of loan
APR*
Best for new/used cars or refinancing. Receive online certificate or check within 24 hours and use your check to buy the car you want or use it to refinance your current loan
myAutoloan.com
Min. credit score*550
Term of loan24 to 84 months
APR*Varies
Go to site
Requirements:* Must have a Social Security number. Make $24,000+/year. Have no open bankruptcies.
Save money by refinancing your auto loan. Follow simple and easy process to lower your monthly car payment.
LendingClub
Min. credit score*510
Term of loanVaries
APR*6.16% – 35.89%
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Requirements:* Car must be: 10 years old or newer, Under 120,000 miles, In personal use. Current auto loan must have: outstanding balance of $5,000—$55,000, At least 24 months of remaining payments.
Get approved for bad credit financing for a new or used vehicle within minutes. Access auto financing from hundreds of dealerships with one simple application.
First Choice Auto Loan
Min. credit score*300
Term of loanVaries
APR*Varies
Go to site
Finding a great loan for a new or used vehicle is as easy as filling out a few fields. Even if you’ve struggled in the past with late payments or even bankruptcy, and your credit has been compromised, you can find a car loan that works for you.
Web2Carz Auto Loans
Min. credit score*Any
Term of loan12 – 84 months
APR*Varies
Go to site
FICO Credit Score APR*
640 9.4%

There are less lenders to work with in this credit range, which does not provide many options. Not only that, but the auto loan interest rates that are seen can be upwards towards the 16% or more mark for those that are purchasing an auto with this credit rating. If the person is using a co-signer then they may be able to reduce the interest rate a bit, but it depends on the credit worthiness of the co-signer that is signing for the vehicle.

You will need to have money down and show proof of your income to purchase a vehicle, but, even with a co-signer and 640 FICO credit score it might be possible if you work with the right lender or auto sales company that provides lending through their company and can provide you with the right deal.

Individuals with a 640 FICO credit score pay a normal 9.4% interest rate for a 60-month new auto loan beginning in August 2017, while individuals with low FICO scores (500-589) were charged 14.8% in interest over a similar term.

So, if a vehicle is going for $18,000, it will cost individuals with poor credit $377 a month for a sum of $22628 for more than five years at 9.4% interest. In the meantime, somebody with a lower credit score paying 14.8% interest rate without an upfront installment will spend $426 a month and wind up burning through $25584 for a similar auto. That is in excess of a $2956 distinction.

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