The calculator is prefilled with an estimated 11.91% APR for a new-car loan at a 580 score (subprime tier). Enter your take-home pay and down payment; adjust anything, including the rate if you already have a quote.
If you would rather not enter anything, find your monthly take-home pay in the table. Payments are capped at 10% of take-home, the level that keeps a car from crowding out the rest of a budget, with a 15% stretch column for comparison.
| Take-home pay | Payment at 10% | Car budget | Stretch (15%) |
|---|---|---|---|
| $2,500/mo | $250 | $13,100 | $18,300 |
| $3,500/mo | $350 | $17,200 | $24,400 |
| $4,500/mo | $450 | $21,300 | $30,600 |
| $5,500/mo | $550 | $25,500 | $36,800 |
| $6,500/mo | $650 | $29,600 | $43,000 |
| $8,000/mo | $800 | $35,800 | $52,300 |
Assumes an estimated 11.91% APR at a 580 score, $3,000 down, no trade-in, a 60-month loan, and about 9% added for sales tax, title, and fees. The "car budget" column is sticker price, not the amount financed. Change any of it in the calculator above.
580 is a below-average score for a car loan, though an easily financed one. FICO calls 580 "fair" (580-669), and roughly 16% of U.S. consumers score below it. The U.S. average is about 715.
Subprime approvals are routine; the cost is in the pricing. Scores in 501-600 average 13.3% on new cars and 19.4% on used. The one number worth knowing is 601: crossing it moves you to near-prime and drops the average new-car rate to 9.6%, one of the biggest single-boundary savings on the scale.
A 580 credit score lands in Experian's subprime tier (501-600), where approvals are routine but pricing is steep: the average new-car loan near this score runs about 11.91% and used-car loans average about 17.45%. Lenders will say yes; the question is what the yes costs.
Two things matter most at 580. First, where you apply: credit unions consistently beat dealer-arranged subprime financing, sometimes by several points. Second, the 601 line: crossing into near-prime cuts the average new-car rate from about 13% to under 10%, one of the largest single-boundary drops on the whole scale.
| Credit tier | Avg new-car APR | Avg used-car APR |
|---|---|---|
| Super prime (781-850) | 4.6% | 6.8% |
| Prime (661-780) | 6.3% | 9.4% |
| Near prime (601-660) | 9.6% | 14.2% |
| Subprime (501-600) | 13.3% | 19.4% |
| Deep subprime (300-500) | 16.0% | 21.8% |
Source: Experian State of the Automotive Finance Market tier averages (latest published quarters). Tier averages flatten a wide range; within a tier, higher scores price better than lower ones, which is what the per-score estimate above reflects.
Take a buyer with $4,500 a month in take-home pay, $3,000 down, no trade-in, on a 60-month loan, keeping the payment at 10% of take-home ($450/month):
| Estimated new-car APR at 580 | 11.91% |
| Loan amount the payment supports | $20,271 |
| Car budget (sticker, after ~9% taxes and fees) | $21,300 |
| Total interest over 60 months | $6,729 |
| Same buyer with super-prime credit | $24,800 (interest $2,921) |
A bigger down payment does double duty in this tier: it shrinks the loan and it improves the rate lenders offer, because their loss exposure drops. Even an extra $1,000 down moves both numbers.
The 601 boundary is worth chasing before you buy if you are close: it cuts roughly 3.7 points off the average new-car rate. Pay revolving balances below 30% of their limits and let a few clean months accumulate. At super-prime rates the benchmark buyer above affords about $24,800 instead of $21,300, and pays about $65/month less in interest for the same loan size.
Rates step down at 601, 661, and 781. Pick your exact score, or use the main car affordability calculator if credit is not your constraint:
Cars are the smaller half of the credit question. See how much house you can afford with a 580 credit score, and what credit score you need to buy a house.
Estimates for educational purposes only, not financial advice. Rates are interpolated from Experian tier averages; your quote depends on the lender, the vehicle, and your full credit file.