Does 700 count as a good credit score for a car loan?

Is 700 considered a good credit score for a car loan? I’m looking into taking out a car loan, but I’m not sure what qualifies as a good credit score to lenders.

Answer
Great question! In general, 700 is considered a good credit score by most lenders. That said, each lender will have a slightly different perspective on what qualifies a strong applicant. But in terms of credit score, these are the typical ranges for poor to exceptional credit scores:
  • Exceptional: 800 - 850
  • Very good: 740 - 799
  • Good: 670 - 739
  • Fair: 580 - 669
  • Very poor: 300 - 579
Lenders generally prefer applicants with a credit score of 661 or higher. While some lenders specialize in borrowers with lower credit scores, they’ll typically offer worse terms and higher interest rates. Luckily, you shouldn’t have any problem finding a reasonable loan with a credit score of 700.
Remember, when you buy a new car you’ll also need a new insurance policy. For help finding the lowest possible rate on the coverage you need, try Jerry.
A licensed broker, the Jerry app can help you compare personalized quotes from over 50 top providers like Progressive and Nationwide for free. When you find a better plan, Jerry can help you buy your new coverage and even help cancel your old policy!
Phoebe Mah
Answered on Nov 23, 2021
thumb-up

Did this answer help you?

Ask us a question by email and we will respond within a few days.
thumb-up

Have a different question?

You can meet us at our office and discuss the details of your question.
Let Jerry’s experts help you find savings on your car insurance!
No long forms or spam · Get quotes from 40+ carriers
Find insurance savings (100% Free)
rating primary
4.7/5 Rating on App Store

Easiest way to compare and buy car insurance

√
No long forms
√
No spam or unwanted phone calls
√
Quotes from top insurance companies
Find insurance savings — it's 100% free