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Is 632 a good credit score for a car loan?
I have a 632 credit score, but I'm not sure if that's good enough to get a car loan. Can I get one? Or should I wait until my credit score is higher?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
A credit score of 632 is okay. It puts you in the near-prime category, which is the middle tier of scores according to credit bureaus. While you won’t get the lowest interest rate possible, you won’t get hammered by a high interest rate, either.
In 2021, the average
car loan
interest rate for someone with your score was 7.14% for a new car and 11.41% for a used car. However, these rates and the rate you may get are dependent on more than just credit score.Other factors include:
- Length of credit history
- Length of the loan
- Down payment amount
Lenders may also take into account other aspects such as income, employment history, or any other information they deem relevant to your approval.
In the meantime, try building up your credit to reach above the 660 range of credit scores. You’re not too far off, and interest rates go down by about 3% just for reaching this next tier. So pay off debt, make payments on time, and you may qualify for a lower interest rate in the near future.
If you decide to finance a car now, remember to budget for your car insurance as required by the lender. Use the
Jerry
app to search and compare rates from dozens of car insurance companies so you always get the best price possible.View full answer
- Gregory R.
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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.
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