With a credit score between 620 and 629, you are going to qualify for non-prime loans at a much higher interest rate than if you were able to increase your credit score to 700+.
Because you are so close to receiving prime credit score rates it may make sense to consider spending 30, 60, or 90 days building your credit.
How bad is a credit score of 629?
A credit score of 629 isn’t “good.” It’s not even “fair.” Rather, a 629 credit score is actually considered “bad,” according to the standard 300 to 850 credit-score scale.
What credit score do you need to finance a car?
At the end of 2017, the average credit score for a new-car loan was 713, and 656 for a used-car loan, according to an Experian report. But nearly 20% of car loans go to borrowers with credit scores below 600, according to Experian. Almost 4% go to those with scores below 500.
Can I get a new car loan with a 630 credit score?
Generally, a credit history of 730 to 740 and above is considered excellent credit. Since you are on the average side with a 630 credit score, it is enough to secure you a 630 credit score car loan. Your credit history will affect the interest rate you qualify on your car loan. The other option would be to lease a car.
What credit score do you need to qualify for GM Financial?
What do you need to qualify for GM Financial? Applicants with a credit score of at least 550 and up to 850 are eligible for GM Financial.