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Is 618 a good credit score for a car loan?
This past year, I’ve been working on raising my credit score. It’s getting better, but still pretty low at 618. I’m looking to buy a used car (maybe 4 or 5 years old)—will my credit score be good enough to get the loan?
Samuel Todd · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Nice job on working to improve that credit score—sometimes, those things barely seem to budge, even after months of on-time payments! On the plus side, it’s definitely possible to get a car loan with a 618 credit score, but it might be a bit tricky.
Unfortunately, since 618 is considered a fair credit score, your interest rate will probably be pretty high—around 10% for a used car.
A credit score of 618 falls into the “Nonprime” category. According to data from Experian, that’ll give you an average APR of about 6.3% on a new car and 9.8% on a used car.
So, if you’re able to handle higher interest payments, you should go ahead and finance your used car! Another option, though, is to try to wait just a bit longer—a score of 660 or above is usually strong enough to get good terms on a loan.
The last thing anybody wants to see, especially after working to improve their credit, is an increase in their
car insurance
payment. Adding another car to your policy (or buying a used car) can cause your rates to spike—but Jerry
can help!Jerry is a car insurance super app and comparison shopping genius that will get you the lowest prices in the blink of an eye. Sign up in just 45 seconds, then compare rates from the nation’s best insurers, all from the comfort of your phone.
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MORE: How to buy a car with bad credit
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