What Credit Score is Needed to Finance a Car?

February 14th, 2019 by

Customer and salesman with car key

Car shoppers often stress out when it comes to their credit score and whether or not they can get financing with poor credit. Your credit score can affect your APR, and whether or not you qualify for an auto loan. However, there are a few things to consider before getting an auto loan at Riverside Chevy Cadillac.

Average Credit Score to Finance a Car

During the third quarter of 2016, the average score needed to secure an auto loan on a new car was 714, or 655 for a used vehicle. With that said, many drivers obtained a car loan with higher and lower credit scores. Just keep in mind, that the higher your credit score, the lower the interest rate you can get. These are the categories that credit scores get separated into:

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

How to Get Auto Financing With Bad Credit

You can still get an auto loan with bad credit. If you are worried, there are a few steps to take to make it easier to finance a car with bad credit around Cartersville:

  • Focus on Positives: You can still get financing if you show positive financial actions. If a business debt is a reason your score is bad, show you never missed a car payment.
  • Bring Proof: Your odds at getting financing increase if you can show pay stubs, monthly payments on your car, auto insurance documents, and proof of employment.
  • Show Collateral: If you own a home or you can put down at least 25 percent on the car, you will have a better shot at qualifying for an auto loan and getting a good interest rate.

Get Financing Help at Riverside Chevy Cadillac!

At Riverside Chevy Cadillac, we’re here to help car buyers around Cedartown get the financial plan needed to purchase a new car. Use our payment calculator to get an estimate on monthly payments, get details on how to trade-in a financed car, and apply for financing online. Contact us directly during showroom hours with any question.

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