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What credit score is needed to get a car loan?
I want to buy my first car, but my credit score is only 680. I’m worried that lenders won’t approve my car loan application because of it. What credit score is usually needed to get a car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Since you have a credit score of 680, you shouldn’t stress too much! No matter what your credit score is, you can find a car loan. However, your terms will be better if you have a high score and worse if you have a low one. With a 680 credit score, you’re likely to find a good loan with reasonable terms.
Aside from your credit score, lenders also consider your income and debt-to-income ratio when deciding whether to approve your loan. Your income must sufficiently cover your monthly car note, while your debt-to-income ratio should lower than 43%. You’ll be considered a high-risk candidate if your debt/income ratio’s above 43%, and your application may be denied.
With a 680 credit score, a decent income, and a debt-to-income ratio below 43%, you can easily find a
car loan
.For help keeping your monthly payments as low as possible, start saving on car insurance with
Jerry
. The Jerry app is a licensed broker that can help you compare quotes from over 50 top providers in less than a minute. With Jerry, users save an average of $879 per year on car insurance—and it’s free to sign up!View full answer
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