What Credit Score is Needed to Finance a Car?

Finance Agreement

 

Many Minneapolis car shoppers don’t know if they have a good enough credit score to finance a car. If you’re unsure of what to expect when you visit a Richfield dealership, don’t fret! At Jaguar Richfield, we’ll guide you through the financing process as we answer top questions like what credit score is needed to finance a car to make your visit with us as stress-free as possible! Be sure to take advantage of our new and used vehicle specials to lower the cost of your next vehicle.

What’s the Average Credit Score to Finance a Car?

In 2020, the average credit score for drivers getting auto loans was 721 for a new vehicle and 657 for a used car. Eden Prairie drivers can get bad credit car finance loans, but the lower their credit score, the higher the interest rates. Below are the different health categories for credit scores:

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

How to Obtain a Bad Credit Car Finance Plan?

What credit score is needed to finance a car? While this varies, drivers with bad credit can still get approved for financing. However, there are some things to keep in mind:

  • Focus on Positives: Showing that you’ve made positive financial actions increase your chances of securing a loan. For example, show that you’ve never missed a credit payment or been late on rent payments.
  • Bring Proof: Bring pay stubs, proof of address, cell phone bills, auto insurance documents, and proof that you’re currently employed. Any document showing you’re responsible and in a good position to pay off your car loan, despite your credit score, helps. 
  • Show Collateral: If you own a home or can put down a substantial down payment (at least 25%), you’re more likely to qualify for auto financing and earn a solid interest rate.

Get Additional Financing Tips With Jaguar Richfield!

If you have additional questions about your bad credit car finance options, don’t hesitate to give us a call! We’re here to help make your car-buying process as stress-free and straightforward as possible.

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