This means that people with no credit can still get a car, but they’ll be paying a higher interest rate, may be required to put up a larger down payment, and they may also need a cosigner with decent credit to secure financing.
What is an OK credit score to buy a car?
The average credit score to buy a new car is 713; it’s 656 for a used-car loan. 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.
Photo in the article by “Geograph”