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?

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.
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Eric Schad
Answered on Nov 11, 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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