Should I wait until my credit score hits 700 before financing a vehicle?

"I have a credit score around 675, but it's been rising consistently as I pay off old debt.

I want to get a car, and I was wondering if I should just wait until my credit score hits 700. Is this a savvy move?"

Answer
“With a score of 675, you should be able to get a car loan with an interest rate under 10%. While a 700 score might help lower your interest rate, it won’t be by that much.
If you have time to wait to get a car, then applying once you have a higher credit score is a smart move. But if you need a vehicle now, you shouldn’t worry about your current credit score.”
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Eric Schad
Answered on Jun 03, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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