Quick Answer: Is 630 A Good Credit Score To Buy A Car?

Quick Answer: Is 630 A Good Credit Score To Buy A Car?

You need a loan to buy a car, but with fair credit — generally a credit score between 630 and 689 — you worry you won’t qualify for a good interest rate.

However, by following these steps, you’ll not only get the best rate available to you, but also be in a stronger position when you go car shopping.

Is 635 a good 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.

What’s considered a good credit score to buy a car?

Average Car Loan Rates by Credit Score

Credit Score RangeNew Car LoanUsed Car Loan
Super Prime: 781 to 8502.6 percent3.4 percent
Prime: 661 to 7803.59 percent5.12 percent
Nonprime: 601 to 6606.39 percent9.47 percent
Subprime: 501 to 60010.65 percent15.72 percent

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Is a 630 a good credit score?

A credit score of 630 isn’t “good.” Rather, a 630 credit score is actually considered “bad,” according to the standard 300 to 850 credit-score scale. Such a score will make it difficult to get approved for a decent loan or line of credit and could even prevent you from renting an apartment or landing certain jobs.

Can you buy a house with a credit score of 630?

FHA Loan with 630 Credit Score. FHA loans only require that you have a 580 credit score, so with a 630 FICO, you can definitely meet the credit score requirements. With a 630 credit score, you should also be offered a better interest rate than with a 580-619 FICO score.

Photo in the article by “Solar System Exploration Research Virtual Institute – NASA” https://sservi.nasa.gov/search/photos/feed/rss2/www.NASAWatch.com