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Is 761 a good credit score for a car loan?
I’m looking to buy my first car and I know I’m going to need a loan. I’m very new to the process, though. If my credit score is 761, how do I get a car loan?
Shannon Fitzgerald · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on your first adventure in car buying!
You’ll be happy to hear, getting a car loan can be very straightforward—especially with a good credit score like yours. Yes, 761 is a good credit score for a car loan. In fact, many lenders approve borrowers with much lower scores.
Here’s what you’ll need to do:
- Research your options—A good rule of thumb is to look into loans from at least three sources to make sure the one you choose best suits your needs
- Decide on a lender—This will usually be either the dealership itself, a bank, or a credit union
- Negotiate your down payment, loan term, and interest rate with your lender
- Make monthly payments until you’ve paid off the principal and interest
Generally, you’ll want an interest rate between 3–5% and a loan term, or repayment period, that is less than 72 months. A good rule of thumb is to pay as much as you can manage per month so that you don’t end up
paying significantly more
once interest is factored in. Luckily for you, the average annual percentage rate, or APR—how much your loan costs annually on top of the borrowed amount)—for those with a credit score between 661 and 780 is as low as 3.64%.
When you decide on a good loan to purchase that first car,
Jerry
can help you save some extra money on car insurance. The app is free to use and instantly analyzes custom quotes from over 50 top insurance companies to track down the most affordable rates for your coverage needs. The average user ends up saving $887 a year on
car insurance
, so it’s definitely worth a look to protect your investment without breaking the bank! MORE: What is a good credit score for a car loan?
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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