PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Loans
Car Loan
Compare Car Loans with Jerry
Jerry's Expert Advice
Car Loan Guides
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
Is a 694 credit score okay for a car loan?
Will I still qualify for a car loan if my credit score is below 700? I really need a new car, but I won’t be able to buy one outright. I’m a little nervous that I won’t qualify for a car loan with a good interest rate unless I raise my credit score above 694.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You’re in luck! A 694 credit score is considered good, meaning you’ll qualify for a car loan with most lenders. On average, borrowers with a 694 credit score will be offered an interest rate of 3.64% to 5.35%, although interest rates can be affected by other things as well.
Some of the main factors that can affect your interest rate include:
- The repayment period that you choose. Opting for a shorter repayment period will typically get you a lower interest rate.
- Your downpayment. If you’re able to put a lot of money down, you’ll usually be offered a lower interest rate.
- The lender that you choose. Some lenders, likecredit unions, are known for offering better rates on car loans.
Remember that you’ll also have to make a car insurance payment each month. If you’d like to find a good rate on that bill, too, check out
Jerry
. On this free app, you can see a list of car insurance quotes that work for you. The average user saves $887 per year.View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
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.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies
