While there’s no universal minimum credit scores required for a car loan, your scores can significantly affect your ability to get approved for a loan and the loan terms.
Low credit scores could result in fewer offers and higher interest rates.
What kind of credit score do you need to buy 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.
Car loan rates by credit score.
|Credit score||Average APR, new car||Average APR, used car|
|Source: Experian Information Solutions|
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Can you buy a car without a credit score?
But without a credit history or credit score, you won’t necessarily be able to get a car loan. Depending on who you ask, it can be somewhere between difficult and impossible to buy a car when you have no credit. No matter what your reason for not having credit, you’re far from alone.
Can I get a car loan with a credit score of 600?
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.
Can I get a car with a credit score of 500?
Car Loans for People with a 500 Credit Score. If you have a 500 credit score or any score less than 640, you are not alone. So, when it comes time to get a car loan, even if a person is now in a financially stable position , they still have to look for car financing for poor credit.