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Is 630 a good credit score for a car loan?

I need to get a new or used car to get to work. However, I’m going to need a car loan to buy one. I have a 630 credit score. Is 630 a good enough credit score to get a car loan?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
A 630 credit score should be good enough for a
car loan
 but might require a **larger down payment and higher interest rates.
You won’t get the best interest rate with a credit score of 630, but as long as you have a debt-to-income ratio of 43% or less and enough income to support the purchase, you should be fine.
As of August 2022, the average interest rate for someone with a 630 credit score is 6.7% for a new car and 10.48% for a used car.
If you decide to buy a car with a car loan, shop around to get the best rate. And just as you would shop around for the best car insurance rate, do the same for your car insurance by using the
Jerry
 app.
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 and insurance comparison tool that collects quotes from over 55 top-rated insurers in just 45 seconds. After you find a great rate, Jerry can help you buy new insurance and cancel your old policy. Users save an average of $800+ per year.
MORE:
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