PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Loans
Car Loan
Compare Car Loans with Jerry
Jerry's Expert Advice
Car Loan Guides
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
How does my credit score affect my car loan?
I want to get a car loan, but my credit score is only 690. I'm not really sure how credit works in a car loan. What effect will my score have on my car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
When it comes to
car loans
, your credit score will determine your loan eligibility and interest rates. Borrowers with credit scores below 600 to 660 may not even be able to get a car loan, and interest rates will be high.While a credit score of 690 isn’t in the excellent range, it’s sitting right there in the prime range, which will get you a rate in the second tier of credit scores.
In 2021, a 690 credit score would get you an average interest rate of 3.54% on a new car or 5.54% on a used car. Remember that these are averages and your car loan interest rate could change depending on other factors, such as:
- Length of credit history
- Length of the car loan
- Amount of income or debt-to-income ratio
Don’t forget that you also need to budget for car insurance, as lenders require full coverage when you take out a car loan. So to get the best rate for full coverage, use the
Jerry
app to compare quotes and find the right coverage match for your needs.View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
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.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies
