Is There a Minimum Credit Score Needed to Buy a Car With Bad Credit?

By Jason Lanier

What may come as quite a surprise is the simple fact that there is no minimum credit score that you need in order to buy a car with bad credit. There are requirements that you must be able to meet and there are good companies online that can help you to get into a vehicle, without regard for your actual credit or “beacon” score.

What are the requirements in order to be able to qualify for a car loan with bad credit through these types of companies?

First of all, you must be at a minimum, 18 years old. That’s going to be anywhere that you try to get a loan because of simple laws regarding contracts. You can’t enter into a legal contract until you are of “legal age”.

Secondly, you must have a minimum monthly income of at least $1500.00 per month. At least $1700.00 per month is ideal, although $1500 is acceptable. To calculate your monthly income, multiply your weekly gross pay (before taxes) and multiply that number by 4.2 as there are slightly more than exactly 4 weeks in a month.

Third, you have to have a steady income. Whether it is from a job, disability or retirement income. If you are self-employed, you’ll have to be able to substantiate your income by providing previous year tax returns.

Finally, the issue of repossessions and bankruptcies are always important. If you have had a bankruptcy of any type, whether Chapter 7 or 13, it must be discharged. The only exception to this rule is if you are in a Chapter 13 and have written permission from the court to incur debt. Cars are necessities so that is frequently allowed.

On the subject of repossessions, if you’ve had one there are two conditions. One is that it has to be at least 12 months ago that the repo took place. Or, if it’s been within the last 12 months, then it must have been included in a bankruptcy. If you’ve had a repo recently and it wasn’t included in a bankruptcy proceeding, then you won’t be able to obtain financing.

You don’t have to use buy here, pay here financing to get a car loan if you have bad credit. There are companies that provide financing services to people that have had any number of credit problems. Many of these companies help people without taking into account their actual credit score. Credit scores are nothing but a computer generated estimate of your credit worthiness. Companies that work with bad credit on a regular basis look beyond that number and see you as a person, taking into account your situation.

Here’s a place you may want to visit to see what you can get approved for. has helped thousands of people to obtain auto loans with low credit scores.

I’m Jason Lanier and thank you for reading.

Lanier, Jason “Is There a Minimum Credit Score Needed to Buy a Car With Bad Credit?.” Is There a Minimum Credit Score Needed to Buy a Car With Bad Credit?. 26 Jan. 2010 6, January 2011­There-­a-­Minimum-­Credit-­Score-­Needed-­to-­Buy-­a-­Car-­With-­Bad-­Credit?&id=3643846.