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How much should my credit score be to get a car loan?
I’ve been building up my credit score for about a year now. I’m looking into car loans now and I’m not sure if my score is good enough yet. How much should my credit score be to get a car loan?
Chloe Jenkins · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on bringing your credit score up. It takes a lot of dedication and determination, so great job!
When it comes to
car loans
, your credit score generally won’t qualify or disqualify you for a car loan. What it will do is affect the terms of your loan and the interest rate. So if you have a credit score below 600, you’d be getting a subprime rate and seeing much higher interest rates than if your credit score is higher. For good rates, or what’s known as prime rates, your credit score should be above 660.If you’re concerned about not being approved based on your credit, you can:
- Save up for a larger down payment
- Have someone with a higher credit score cosign your loan
- Reconsider your options and shop around
Even if you receive a car loan at a subprime rate, you have options. If you keep working on your credit score and stay current on your car loan, you’ll likely have the option to refinance. Refinancing your loan means you get a new loan agreement, which may help lower your monthly payments and interest rate.
The best way to explore your refinancing options is with the
Jerry
app. Jerry removes the hassle of shopping around for car loans by comparing offers from multiple lenders to find the best option for you.View full answer
- Gregory R.
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