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Can I get a car loan with a 774 credit score?
I want to get a car loan, but I’ve never had one before. I checked my credit score and it’s a 774. Is a 774 credit score good enough to get car loan approval?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You can almost definitely get a
car loan
with a 774 credit score. This puts you near the top of the prime range. While you may not get the same interest rate as someone with a 780 credit score or higher, you should still get a favorable rate.With that said, a 780 credit score puts you in the superprime range, which qualifies you for the best rate. You may want to shop around for a car loan rate and ask if a 780 score will get you a better rate. If that’s the case, pay down some debt and reduce your credit utilization ratio to vault you into the superprime range.
If you’ve never had a car loan before, note that your credit score is just one part of your overall application that lenders analyze. Lenders also look at:
- Income
- Credit history and utilization
- Debt-to-income (DTI) ratio, or the amount of debt you have each month compared to your monthly pre-tax income
To ensure you get the best rate, try to get your DTI ratio at 43% or below by paying off excess debt when you have the cash.
Whether you decide to apply for a car loan now or build your credit to 780, preemptively shopping around for car insurance can also save you cash. If you’ve never bought new car insurance, download the
Jerry
app to find competitive rates.Jerry is a licensed insurance broker that will collect quotes from over 50 top-rated insurers in minutes. After you find a great rate, Jerry can help you buy new insurance and cancel your old policy. Users save an average of $887 per year.
View full answer
- 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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