Congrats on improving your credit score! You can probably get a car loan
with a 681 credit score. This puts you in the prime range of borrowers, which should open access to lower interest rates than those with a credit score of 660 or less. However, your credit score isn’t the only thing that lenders analyze to determine your risk or approval. They also assess your creditworthiness through:
Debt-to-income ratio, which determines whether you can afford to take on new debt (ideally, this should be 43% or less)
How long or short you want the loan
Therefore, you should start by shopping around with lenders and applying for preapproval. By getting preapproved, you can get an estimate of:
How much the lender will let you borrow, which allows you to budget more effectively
Your estimated interest rate
How much you should expect to pay monthly for the car loan
If you can get a car loan with a 681 credit score, you’re probably elated. But don’t let the excitement overshadow your need for car insurance. Instead, hop on the Jerry
app, answer a few questions, and discover the best rates for your car insurance needs. 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!