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.
You might also be concerned that, with a lower credit score, the dealer might mark up your rate above what you really deserve.
How good is a credit score of 633?
633 Credit Score: Is it Good or Bad? Your score falls within the range of scores, from 580 to 669, considered Fair. A 633 FICO® Score is below the average credit score. Some lenders see consumers with scores in the Fair range as having unfavorable credit, and may decline their credit applications.
Is 663 a good credit score to buy car?
70% of U.S. consumers’ FICO® Scores are higher than 663. What’s more, your score of 663 is very close to the Good credit score range of 670-739. With some work, you may be able to reach (and even exceed) that score range, which could mean access to a greater range of credit and loans, at better interest rates.
What is a decent credit score to buy a car?
If you’re a super prime borrower with a credit score of 781 or higher, you can expect to get the lowest rates.
Average car loan rates by credit score.
|Credit score range||New car loan||Used car loan|
|Prime: 661 to 780||5.01%||6.38%|
|Nonprime: 601 to 660||7.91%||10.91%|
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Can I buy a house with a 633 credit score?
If your credit score is a 633 or higher, and you meet other loan requirements, you should not have any problem getting a mortgage. As far as types of loans and programs, there are conventional, FHA, VA, and USDA loans that are available to borrowers with credit in the 633 or higher range.