That probably is. Since When I worked for a car dealership people with lower scores had a hard time. So in all honesty there are two ways you can go.
1. Continue to Save up more down payment. Giving the banks less risk/or try a very strong co-signer if that's an option for you. Since sometimes the right co-signer can get you approved even with a bad fico score. Trust me I've seen it happen. Went from no approvals to like 4 approvals with just a co-signer.
2. Rebuild your score.
If you choose the second option I would First I would get your credit reports off https://www.annualcreditreport.com/
see if their is anything you can fix or correct to help your score on those reports. Since sometimes even the little things can earn some points. You never know what you can do until you do it and the sooner you start working on rebuilding the quicker your score can grow.
Hi all i might not have a ll info needed but this just a few;
I am trying to purchase a used car for $13000 out the door..tax and title included
I am putting down $2000.
Credit Karma has my TU at 542 and Equifax 566.
Now no one wants to finance me the $11000.00
Am i asking for too much looking at my score?
Use that 2K downpayment and buy a beater for cash while u work on your credit.
I was in your shoes in August of 2015 and needed a vehicle. I couldn't get approved at any dealership except for the buy here pay here or the loan shark dealers that charged 22% interest rate. I too had about $3000.00 to put down. I decided my best interests with the help of these forums that I would buy a beater and rebuild. I bought a 1993 chevy pick up with 325,000 miles for 600 bucks and put 400 into it. I had built my credit in the meantime and saved some money. It wasn't until December of 2017( had brought my score up 235 points) that i bought a new truck (2014) silverado. I'd do like many other have mentioned and buy a beater and work on your score, it can be done. I did it.
FYI I still drive the 93 pickup. Has more rust than paint on it and can flinstone it because i can see the highway at my feet.
Best of luck to you!!