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.
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.
Will a 700 credit score get me a car loan?
Is 700 a Good Credit Score? When you apply for a loan or credit card, lenders base approval decisions in part on your credit health. Not only that, but your credit score can also influence the interest rates you’ll pay for credit cards, car loans, mortgages and other lines of credit.
What credit score do car dealers use?
FICO offers a FICO Auto Score that’s specific to auto lenders and not sold directly to consumers. The FICO Auto Score uses a 250 to 900 range which means the auto lender’s credit score could be much higher or lower than the score you check.
Photo in the article by “Pixabay”