Can I get an auto repair loan with a 620 credit score?

Yes, it is possible to get an auto repair loan with a 620 credit score. While this score falls into the 'fair' credit range, many online lenders specialize in working with borrowers in this category. They will also evaluate other factors like your income and existing debt load to make a final decision. Your interest rate will likely be higher than for someone with good or excellent credit, but a personal loan can still be a more affordable option than other forms of financing available to you.

Will checking my rate for a car repair loan hurt my credit score?

No, checking your rate through our platform will not affect your credit score. We and our lending partners use a 'soft' credit inquiry to determine your eligibility and show you pre-qualified offers. This soft pull is only visible to you on your credit report. A 'hard' credit inquiry, which can temporarily lower your score by a few points, is only performed if you choose to proceed with a specific loan offer and move to the final application stage.

What's the maximum amount I can borrow for car repairs with average credit?

The loan amount you can qualify for depends on the lender, your credit score, and your debt-to-income ratio. For auto repairs, loans typically range from $1,000 to $7,500 or more. With a fair credit score, lenders will carefully assess your ability to repay. A stable, verifiable income is crucial for qualifying for a larger loan amount. It's best to have a written estimate from your mechanic so you can apply for the specific amount you need.

Is it better to use a personal loan or a credit card for a repair with a 650 FICO score?

For a large, unexpected repair, a personal loan is often the better choice. Personal loans come with a fixed interest rate and a set repayment term, so you'll have a predictable monthly payment and a clear end date. Credit cards designed for fair credit often have very high variable interest rates (25%+). If you can't pay off the balance quickly, the interest charges can add up significantly. A loan's structured payments can be easier to manage and may save you money in the long run.

How quickly can I get the money for my auto repair?

The funding process is typically very fast. After you select a loan offer and complete the final application and verification steps, funds are often deposited directly into your bank account. Many applicants receive their money as soon as the next business day. This speed is a major advantage when you need to pay your mechanic and get your car back on the road without delay.

Do I need to own my car outright to get an auto repair loan?

No, you do not. An auto repair loan is an unsecured personal loan. This means it is not tied to your car's title, so it doesn't matter if you still have an outstanding auto loan on the vehicle. The lender's decision is based on your personal creditworthiness and ability to repay, not on the value or ownership status of the car being repaired.

Car Repair Loans for Fair Credit

Don't let an unexpected repair bill and an average credit score keep you off the road. Compare personal loan options to cover your costs quickly.

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A surprise repair bill is stressful enough without worrying about your credit score.

Your mechanic just gave you a four-figure estimate, and your savings won't cover it.
A personal loan can provide the lump sum you need to approve the work today, not weeks from now.
You're worried your 'average' or 'fair' credit score means an automatic rejection.
We partner with lenders who specialize in options for applicants with credit scores in the 600s.
The high-interest credit cards you qualify for would make the repair even more expensive over time.
Personal loans often have fixed rates and predictable monthly payments, which can be more affordable than revolving credit.
You need your car for work and daily life; waiting to save up isn't an option.
Our online process is fast, letting you see your options in minutes so you can make a decision and move forward.

Understanding Your Financing Options with an Average Credit Score

If your credit score is in the 'fair' range, typically between 600 and 670, you're in a common situation. While you might not qualify for the lowest interest rates reserved for those with excellent credit, you absolutely have options for financing a necessary auto repair. Lenders who work with this credit tier look beyond just the three-digit number; they also consider your income stability, debt-to-income ratio, and overall credit history. An auto repair loan is a type of unsecured personal loan, meaning you don't need to put up your car title as collateral. This makes it a straightforward way to get the funds you need without adding risk to your vehicle ownership.

The key is finding the right lending partner. Mainstream banks might have stricter requirements, often favoring applicants with scores above 700. However, a network of online lenders and credit unions specializes in providing fair credit repair loans. These lenders understand that a past financial hiccup doesn't define your current ability to manage a loan. For someone with a 620 or 650 FICO score, a personal loan can be a much better tool than a high-APR credit card or, worse, a predatory title loan. It provides a clear repayment path with a fixed term and interest rate, making it easier to budget for and pay off.

Get Your Repair Funded in 3 Simple Steps

1
Complete a Short Form
Tell us how much you need to borrow and provide some basic information. This initial step takes about two minutes and won't impact your credit score.
2
Compare Your Loan Options
If you pre-qualify, you'll see potential loan amounts, terms, and APRs from our network of lending partners. You can choose the offer that best fits your budget.
3
Receive Your Funds
Once you select an offer and complete the final verification, funds are typically deposited directly into your bank account, often as soon as the next business day.

See What You Qualify For

It's fast, free, and won't affect your credit score to see your options.

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Example Auto Repair Loan Costs

Transmission Replacement

$4,500 Loan Amount

$4,500

Engine Head Gasket Repair

$2,200 Loan Amount

$2,200

New Brakes & Rotors (All Wheels)

$1,100 Loan Amount

$1,100

Estimated monthly

$108/mo

Example based on a $3,000 loan with a 36-month term and 18% APR. Your actual rate will vary.

Major car repairs can range from a few hundred to several thousand dollars. A personal loan for auto repairs gives you the flexibility to cover the full cost—including parts, labor, and taxes—in one go. This prevents you from having to make difficult choices, like opting for cheaper, less reliable parts or delaying a critical repair that could lead to more damage down the road. By financing the repair, you can get your vehicle back in safe, working condition without draining your emergency fund or disrupting your monthly budget.

Loan amount: $1,000 – $7,500
APR: 11.99% – 35.99%
Term: 24 mo – 60 mo

Your actual Annual Percentage Rate (APR) depends on your credit score, loan amount, term, and credit history. For applicants with fair credit, rates are typically higher than for those with excellent credit. The lowest rates are reserved for the most creditworthy borrowers.

Example scenario

My transmission went out, and the quote was almost $5,000. With my credit score, I was worried I'd be stuck. I was able to find a loan with a monthly payment I could actually handle and got my car back in three days. Total lifesaver.

Mark T.·Commuter with a 640 credit score

Personal Loan vs. Credit Cards for Fair Credit Repairs

When faced with a large repair bill, many people with average credit wonder whether to use a personal loan or a credit card. While many search for a 'credit card for fair credit' to solve the problem, a personal loan often has distinct advantages for a large, one-time expense like a car repair. Understanding the differences can help you make a more cost-effective decision.

Financing Options Compared

	Personal Loan	Fair Credit Credit Card	Mechanic Financing
Interest Rate	Fixed; often lower than credit card APRs	Variable; typically 20-30%+	Often 0% intro, then very high
Payments	Predictable, fixed monthly amount	Variable; depends on balance	Fixed, but can have deferred interest
Best For	Large, one-time expenses over $1,000	Smaller costs you can pay off quickly	In-shop repairs, limited options
Credit Impact	Installment loan can diversify credit mix	High utilization can lower your score	Can be a new line of credit

Don't settle for high credit card interest.

Compare fixed-rate personal loan offers and find a predictable payment that works for you.

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What Lenders Look for with Fair Credit

Credit Score: Most partners look for a minimum score of 600. A score of 640 or higher may open up more favorable rates and terms.
Stable Income: Lenders need to see you have a reliable source of income to make your monthly payments. Pay stubs or bank statements are usually required.
Debt-to-Income (DTI) Ratio: Your total monthly debt payments (including the new loan) should ideally be below 40-50% of your gross monthly income.
Credit History: Lenders will review your credit report for recent late payments, bankruptcies, or accounts in collections, which can impact approval.
Verifiable Bank Account: You will need an active checking account for the loan funds to be deposited and for automatic payments to be withdrawn.

Tips for a Stronger Application

Even with a fair credit score, you can take steps to improve your chances of approval and secure a better rate for your auto repair loan. Taking a few proactive measures before you apply can make a significant difference.

Know Your Score & Report: Check your credit report for any errors that might be dragging your score down. Disputing inaccuracies can sometimes provide a quick boost.
Gather Your Documents: Have recent pay stubs, bank statements, and your driver's license ready. Being prepared speeds up the verification process.
Borrow Only What You Need: Requesting a loan for the exact amount of the repair estimate (plus a small buffer) looks more responsible to lenders than asking for a large, round number.
Pay Down Small Credit Card Balances: If you can, paying down a credit card balance before applying can lower your credit utilization ratio, which may positively impact your score.

Ready to get started?

A few minutes is all it takes to see if you pre-qualify.

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Frequently Asked Questions

Can I get an auto repair loan with a 620 credit score?
Yes, it is possible to get an auto repair loan with a 620 credit score. While this score falls into the 'fair' credit range, many online lenders specialize in working with borrowers in this category. They will also evaluate other factors like your income and existing debt load to make a final decision. Your interest rate will likely be higher than for someone with good or excellent credit, but a personal loan can still be a more affordable option than other forms of financing available to you.
Will checking my rate for a car repair loan hurt my credit score?
No, checking your rate through our platform will not affect your credit score. We and our lending partners use a 'soft' credit inquiry to determine your eligibility and show you pre-qualified offers. This soft pull is only visible to you on your credit report. A 'hard' credit inquiry, which can temporarily lower your score by a few points, is only performed if you choose to proceed with a specific loan offer and move to the final application stage.
What's the maximum amount I can borrow for car repairs with average credit?
The loan amount you can qualify for depends on the lender, your credit score, and your debt-to-income ratio. For auto repairs, loans typically range from $1,000 to $7,500 or more. With a fair credit score, lenders will carefully assess your ability to repay. A stable, verifiable income is crucial for qualifying for a larger loan amount. It's best to have a written estimate from your mechanic so you can apply for the specific amount you need.
Is it better to use a personal loan or a credit card for a repair with a 650 FICO score?
For a large, unexpected repair, a personal loan is often the better choice. Personal loans come with a fixed interest rate and a set repayment term, so you'll have a predictable monthly payment and a clear end date. Credit cards designed for fair credit often have very high variable interest rates (25%+). If you can't pay off the balance quickly, the interest charges can add up significantly. A loan's structured payments can be easier to manage and may save you money in the long run.
How quickly can I get the money for my auto repair?
The funding process is typically very fast. After you select a loan offer and complete the final application and verification steps, funds are often deposited directly into your bank account. Many applicants receive their money as soon as the next business day. This speed is a major advantage when you need to pay your mechanic and get your car back on the road without delay.
Do I need to own my car outright to get an auto repair loan?
No, you do not. An auto repair loan is an unsecured personal loan. This means it is not tied to your car's title, so it doesn't matter if you still have an outstanding auto loan on the vehicle. The lender's decision is based on your personal creditworthiness and ability to repay, not on the value or ownership status of the car being repaired.

Get back on the road with confidence

Personal loan disclosure

Money Savvy is not a lender. We are a marketing service that connects consumers with participating lenders. Rates, amounts, and terms vary by lender, your credit history, and other factors.

Loan amounts: $1,000 – $100,000
Repayment terms: 3 – 84 months
Min APR: 5.99%
Max APR: 35.99%
Origination fees: 0% – 10% of the loan amount
Late fees: May apply; vary by lender

Representative example: A $10,000 loan with a 36-month term at an 18.99% APR would have an approximate monthly payment of $366.39 and a total cost of $13,190.04, including interest and a $500 origination fee.

Your actual APR depends on your credit score, income, and other factors. Only borrow what you can afford to repay.

California residents: California Financing Law disclosures available upon request.