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Can I get a car loan with a 678 credit score?
I want to get a new car, but I’m a bit short on cash. While I can make a 20% down payment, I need to borrow the rest. Is it possible to get a car loan if I have a 678 credit score?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You probably won’t have much trouble getting a
car loan
with a 678 credit score. In this prime range, you’re just one point below the national average. And with a 20% down payment, lenders will definitely be more willing to work with you.However, lenders look at more than just your credit score when determining your risk and approval. Other factors include:
- Your income
- Credit history and any delinquent accounts
- Debt-to-income (DTI) ratio
Of all these factors, the DTI ratio is perhaps the most important. This ratio measures your minimum monthly debt payments compared to your monthly pre-tax income. Ideally, this ratio should be 43% or less to gain car loan approval.
To get the best rate, shop around. Different lenders offer various rates, and sometimes, you can find a great promo rate during the holidays or for becoming a new customer.
Just as you would with car loans, make sure to shop around for your car insurance with the
Jerry
app. Lenders require full coverage car insurance on all financed cars, which can get expensive if you don’t do your due diligence.As a licensed broker, Jerry helps you find and compare quotes from over 50 top providers in minutes. When you find a better rate, Jerry can help you buy your new coverage and even cancel your old policy!
View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
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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