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Is a 720 credit score enough to get a car loan?
My current car is 10 years old and has started breaking down frequently. I guess it’s time for a new car! I’m super excited to get my dream car—I just hope my credit score is high enough. Is a 720 credit score enough to get a car loan?
Tiffany Leung · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Getting a new car sure is exciting and marks a new era for many!
A 720 credit score is definitely good enough to get a car loan. Most lenders require a minimum credit score of 661 to get approved. Yours is well over that (and very impressive!) so you should have no problem.
In fact, there are extra advantages with your exceptional credit score:
- Lower interest rates — With an above-average credit score, you may qualify for interest rates of 3% or lower.
- Higher loan amount — Lenders will be more open to qualifying you for a higher loan, meaning you’ll have a bigger budget to buy your car.
- Better bargaining power — You’ll be able to negotiate better conditions for your loan, such as the loan term and waiving additional fees and penalties.
You can get pre-approval before going car shopping for more bargaining power at the dealership, as well! Once you know how much you can spend, you can negotiate a better price for the car that you want.
Another advantage of great credit is that you’ll qualify for cheaper car insurance premiums. You can sweeten the pot by using the licensed insurance broker app
Jerry
to help find the lowest rates available. Jerry is an insurance comparison app that shops for low prices with over 50 insurance companies for free. You will get quotes in seconds, and if you ever have any questions, agents are just a text away. The average Jerry user saves $887 a year on car insurance.
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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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