They normally qualify for competitive interest rates on their loans as well.
However, even consumers with credit scores of 600 or less can get approved for an auto loan.
Therefore, if a consumer finds that their credit score is 600 or lower, they should look for a dealership that handles special financing.
What credit score do I need for a car loan?
Average car loan rates by credit score
|Credit score range||New car loan||Used car loan|
|Super prime: 781 to 850||4.19%||4.69%|
|Prime: 661 to 780||5.01%||6.38%|
|Nonprime: 601 to 660||7.91%||10.91%|
|Subprime: 501 to 600||12.17%||16.78%|
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Can I get a car loan with a credit score of 620?
A Minimum Credit Score for a Car Loan Doesn’t Exist
Minimum acceptable credit scores will often depend on the lender, but dealerships typically hover around the 620 mark. However, many lenders are willing to work with people with lower-than-average credit scores.
Can I get approved for a 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.
Can I get a lease with a 600 credit score?
According to most experts in the field of auto financing and leasing, the best lease terms are reserved for those with credit scores above 700. A score below 600 or so is often referred to as deep subprime or super subprime, and may entail even more restrictions and higher lease payments.