Can I get a car loan with a 699 credit score?

My current car’s days are numbered, according to my mechanic. He said I should start looking for new cars now. I’ve always paid cash for cars, but I want something that will last. Can I get a car loan if I have a 699 credit score?

Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
As long as you have a steady income and a manageable debt, you can get a car loan with a 699 credit score. A 699 credit score puts you in the prime range of borrowers, which lowers your perceived risk. Because your risk is lower, you should find more lenders willing to work with you and more favorable
car loan
According to the latest statistics compiled by credit bureau Experian, borrowers with a credit score between 660 and 780 can expect average car loan interest rates of:
  • 3.64% for new cars
  • 5.35% for used cars
Keep in mind that lenders analyze other aspects of your application besides your credit score, including:
  • Down payment amount
  • Amount you want to borrow
  • Your income
  • Debt-to-income ratio, which is a measure of how much debt you have respective to your pre-tax income; this should ideally be 43% or less
View full answer 
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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