What Credit Score is Needed to Finance a Car?

Credit Scores
 

Are you unsure about whether your credit is strong enough to qualify for an auto loan? If so, there’s some good news. There are bad credit car finance options for 99% of drivers, so a minimum credit score required to finance a car is not a likely concern. Take a moment to learn about the different tiers of credit scores and what to expect if you need bad credit car financing. Then, get in touch with the finance department at Five Star Automotive Group dealer near you!

 

 

Average Credit Score to Finance a Car

The average credit score for a new car buyer is 742, while the average credit score for a used car buyer is 657. That said, you can still qualify for an auto loan if your score is lower, which we’ll get into in a moment. First, let’s take a moment to learn about the different categories of credit scores: 

  • Deep Subprime: 300 to 500
  • Subprime: 501 to 600
  • Non-prime: 601 to 660
  • Prime: 661 to 780
  • Superprime: 781 to 850

How to Get a Bad Credit Car Finance Loan 

If you’re wondering what credit score is needed to finance a car, bear in mind that the credit score needed to finance a car can vary, depending on several other factors. If your credit history needs some work, and you’re worried about qualifying for a loan, keep the following tips in mind: 

  • Personalize Your Profile: If you’ve successfully paid off large loans, you have a new job, or you’re on your way to a brighter financial future, see if you can use this information to build a case for yourself. You may be able to compel your lender to provide you with a loan. For instance, if you’ve never missed a credit card payment, but a large business loan is weighing down your score, you’re in a good position to convince your lender to take a chance.
  • Provide Proof: If you can bring proof that you’re currently working (pay stubs), or proof that you reliably pay your bills (receipts), you can further bolster your case. 
  • Bring Collateral: If you own a home that you can put up as collateral, or you can put up a massive down payment, you’ll dramatically increase your odds of getting a loan.

Learn More About Bad Credit Finance With Five Star Automotive Group 

If you have other questions about the required credit score to finance a car, connect with Five Star Automotive Group. We’ll closely look at your financial history, help you identify the best options for your needs, and develop a winning strategy. We have locations in 6 states, including Georgia, South Carolina, Tennessee, Alabama, Ohio, and Indiana, so we’re likely close by. Just find the closest location to you and get in touch! 

 

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