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What credit rating do you need for a car loan?
I want to build up my credit score before I get a car loan. I have a dream car in mind, and I want to make sure I'm getting a good deal before taking out a loan. What’s a good credit score for a car loan?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Planning before making any significant financial decisions is always a great idea. However, when it comes to getting a car loan, some lenders will work with anyone—good credit, bad credit, or no credit.
That said, to get a good car loan, you’ll need a fair credit rating (or better). Aim for a score of 660 or higher.
With a credit rating of 660-plus, you will have more options on lenders, can get a better APR, and will have more flexibility with your loan terms.
Another thing to remember is that your original car loan is not set in stone. You can always refinance after making several on-time loan payments and further improving your credit score.
Refinancing is a great way to make adjustments or changes to your car loan, and it can save you money. You can do this easily with the
Jerry
app. We will compare quotes from multiple lenders to find a rate that works best for you.I hope you can get that dream car soon!
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- Gregory R.
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