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Is 742 a good credit score for a car loan?
I just graduated high school, and I’m about to buy my first car! I’ve always made payments on time, but I’ve only had my bank account for a couple of years, so my credit score is just above 740. Will that be good enough to get me a loan for a used car?
Samuel Todd · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Wow, we’re sure you’re thrilled to be getting behind the wheel of your own car! Great work on keeping up with payments—a 742 credit score should get you a good loan. For a used car, you should expect an interest rate of around 5.35%.
Your credit score places you into the “Prime” zone for loans, which ranges from 661 to 780. Buyers in that category can typically secure strong terms on their loan, even if you’ve only had your credit score for a couple of years.
If you do change your mind and splurge on a new car, your APR will drop towards 3.6%. New cars get lower interest rates because their resale values are easier to predict.
Young drivers like you are often hit with high car insurance payments, at least at first. If you’re a safe driver and want to save yourself (or your family) some cash on
car insurance
payments, check out our super app, Jerry
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The average Jerry user saves $887 on car insurance—plenty to pay for your first semester textbooks!
MORE: What is a good credit score for a 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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