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 is considered a good credit score to buy a car?
Average Car Loan Rates by Credit Score
|Credit Score Range||New Car Loan||Used Car Loan|
|Super Prime: 781 to 850||2.6 percent||3.4 percent|
|Prime: 661 to 780||3.59 percent||5.12 percent|
|Nonprime: 601 to 660||6.39 percent||9.47 percent|
|Subprime: 501 to 600||10.65 percent||15.72 percent|
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Photo in the article by “Flickr”