A high credit score makes it easy to get a car loan at a good rate. However, a poor credit score -- 607 qualifies as poor -- doesn't mean you cannot finance a car purchase. Vehicle lenders can be fairly liberal when it comes to approving loans. You'll just pay a higher price for having that lower score.

Poor Credit Auto Financing

Car dealers have access to lenders that accept and approve applications from buyers with less-than-stellar credit reports. These lenders specialize in providing loans to buyers with credit problems. Typically, a poor credit car buyer needs to put up a larger down payment, and the interest rate and monthly payment often are higher than for a buyer with good credit. In most cases, someone with a steady jobs and enough pay after expenses to cover the car payment can qualify for some form of auto financing.

Follow the Dealer Directions

Auto financing companies that work with credit-challenged car buyers don't rely on credit scores. They already know that the buyers have credit problems. This type of lender requires information such a pay stub that shows how much you make, a utility bill that verifies where you live and the names of individuals who know you. The dealer finance manager gives you a list of items that the lender wants to see. Complete the list to the best of your ability to maximize your chances of getting the car loan.