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.

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.
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Phoebe Mah
Answered on Nov 23, 2021

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