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Is 689 a good credit score for a car loan?
A few months ago, I applied for a mortgage loan for my first home. Unfortunately, my credit score took a hit—just as I was about to buy a new car, too! Now, it’s sitting at 689—is that good enough to get a solid car loan?
Samuel Todd · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on your new home purchase! Though it’s frustrating to see your credit score drop, a score of 689 is still good enough to secure strong terms on your car loan—you should expect an APR of around 4%.
As a rule of thumb, any score that’s higher than 660 is considered good for auto financing. Based on data from Experian, your score drops into the “Prime” category of 661 to 780. Most folks in this category get an interest rate of about 3.5% on new cars and just over 5% for used cars.
With a brand new car (and a home to go with it!), you’re probably going to see a leap in your monthly insurance payment. When you’ve already dealt with the paperwork of buying a house and a car, the last thing you’ll want to do is fill out more forms on car insurance.
At
Jerry
, we get that. And we’ve got the solution to both of those problems—our car insurance
super app can save you money on insurance and makes the switching process quick and painless. Just download the app, sign up in 45 seconds, and let Jerry get you the lowest rates from over 50 top insurers.Best of all, as a licensed broker, our team will help you cancel your old policy and initiate your new one. In short, we’re with you every step of the way—and the average Jerry user saves $887 on car insurance!
MORE: What is a good credit score for a car loan?
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- 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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