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Can I get a car loan with a 672 credit score?
I have a 672 credit score. I know this isn’t the greatest score, but I need to buy a car to get to my new job. I have enough money for a down payment, but I’ll need to borrow the rest. Is a 672 credit score good enough for a car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
*You can get a
car loan
with a 672 credit score**, as this qualifies you for a prime loan. With a prime loan, you can get a better interest rate than if your credit score was nonprime, or less than 660.According to NerdWallet, the average interest rate for a prime credit score (660-780) on a new car is 3.64%. For a used car, it’s 5.35%.
However, lenders analyze more than just your credit score. They also take a look at your:
- Current income
- Debt-to-income ratio to see if you can afford the loan
- Credit history and length of credit accounts
- Any delinquent or charged-off accounts
As a result, you should pay down any debt that you can prior to applying for a car loan. This will increase your score and make your overall credit profile more attractive to lenders.
Before you sign on the dotted line, make sure to shop around for car loans to get the best rate possible. And because lenders want you to get full coverage car insurance on financed vehicles, you should also use the
Jerry
app to compare rates for your car insurance policy.Jerry is a licensed insurance broker that provides quotes from dozens of top-rated and well-known car insurance companies. After you find a great rate, Jerry can help you buy insurance and cancel your old policy. Customers save an average of $887 per year!
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- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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