The credit score to finance a car that you need depends on what dealership you shop at. However, most dealers will accept credit scores of 300-850 or up. That said, your credit score will determine what deal you’re able to get, and the lower your credit score the higher your monthly payments and interest rate will be. A “good” credit score is anything over around 570, and a “poor” credit score is anything under it. Run a credit check on yourself before you start shopping for a new car to help you prepare for the financing costs.
One of the most common questions we hear from car shoppers is, “What credit score is needed to finance a car?” Your credit score is an important factor when car shopping because it can affect your APR or even whether you qualify for a loan in the first place. If you are trying to secure affordable auto financing near Toledo or Marshalltown, you will want to keep the following information in mind. A new car can be even more affordable than you may think.
On average, the credit score you need to secure an auto loan on a new car was 714. For a used car, that number is 655. That doesn’t mean that you can’t get a car if your score is lower than that. However, when you have a higher credit score, your interest rates will be lower. Here is how credit scores are classified:
If your credit score is less than ideal, car finance loans are not out of reach. If you are worried about how your credit score will affect your auto loan, there are a couple of simple steps you can take to get car financing with bad credit near Cedar Rapids.
Are you still unsure of the answer to, “What do I need to finance a car?” Speak with our finance team, at Thys Automotive Family. There is a good chance that you have what you need to get approved for a vehicle that you will love for many years to come. Contact us today if you have any questions. We can also explain more about liability insurance and MSRP.
While great effort is made to ensure the accuracy of the information on this site, errors can occur. Please verify all pricing and installed equipment information with a customer service representative. This is easily done by calling us or visiting us at the dealership.
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