My Credit Score is 450: Can I Get Car Loan?


Borrowers with a credit score of 450 are typically considered to have “bad credit” by most banks and lenders. If you have a 450 credit score, you might think it’s basically impossible to get the quality used car or truck you need—and you’d be right if you were applying at a bank or a traditional dealership—but it’s possible to get a car loan with a bad credit score from a buy here, pay here dealership.

Buy here pay here car dealers offer a bad credit car loans with fair terms and monthly payments that fit your budget, and your 450 credit score won’t be a problem. Dealerships like OKC’s Victory Used Cars help those with bad credit, no credit, and even bankruptcies.

Why can buy here, pay here dealerships help when traditional lenders won’t?

Traditional lenders judge applicants by their past while buy here pay here dealerships look only at your ability to pay going forward. If you have a job, a bank account, and an address, we can match you with a loan—even if that means you need a bad credit car loan.

The truth is that many people experience credit issues, but buy here pay dealers look past that and help buyers to:

·   Get the Reliable Car or Truck They Need

·   Enjoy Fair Rates and Manageable Monthly Payments

·   Get Approved Quickly Without the Need for Mountains of Paperwork

·   Rebuild Their Credit by Reporting On-Time Payments to the Credit Bureaus

Can I Get A Loan With A 550 Credit Score?

So where is the line? You might ask: if traditional car dealerships won’t approve lenders with a 450 credit score, can I get a car loan with a 550 credit score? The answer is still yes; borrowers with bad credit can get a car loan at a buy here, pay here dealership, but it’s tougher to say whether you can get approved at a traditional dealership. Typically, anything below about 600 is considered a “bad” credit score – but there’s not a specific credit score that guarantees your denial or acceptance for a loan. In most cases you just have to apply to find out, but a buy here, pay here dealership can work with you directly to make a financing decision in-house based on your overall financial situation.

The Process of Applying for a Bad Credit Car Loan

Many applicants are surprised by how simple it is to apply for a loan at a buy here pay here dealership in comparison to applying with a traditional lender.

Typically, you’ll only need to provide:

·   A Current Pay Stub

·   Bank Account Information

·   Mail to Show Proof of Address

Unlike traditional car loans that can take several days to process, most BHPH loans are approved instantly, so you can drive away the same day.

How Can You Get A Loan With A Bad Credit Score?

As explained above, your credit score matters to traditional lenders because they base their decisions off of the past. Buy here pay here lenders only care about proof that you’ll be able to make payments going forward, so even a very low credit score doesn’t matter.

The Bottom Line

Are you looking for a reliable used car in OKC? Stop by Victory Used Cars to learn more about getting instantly approved for any of our financing options including bad credit car loans. To us, you’re more than just a number, so let us help you drive away today!


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