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What is a decent credit score for getting a car loan?
Every vehicle I’ve owned has been a vehicle I bought after an accident and repaired myself. However, I’m in the market for a new car and don’t have the time to fix one. This will be the first new car I’m purchasing, and I know nothing about car loans. What is a decent credit score for getting a car loan?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Strictly owning vehicles you’ve repaired yourself is impressive, but I’m sure owning a new car will be a nice change of pace!
In general, a credit score of 661 or higher is considered decent for getting a
car loan
. However, if your credit score is lower than 661, you can still be approved for a car loan by having a cosigner or applying through a lender who specializes in offering loans for those with low credit scores.When looking for a lender, you should shop around and compare offers from a few lenders to ensure you get the best rate. To apply, you’ll likely need:
- Your license and proof of residence
- Proof of employment and income
- Information about the vehicle you want to purchase
To ensure your new vehicle is well protected and you aren’t overpaying for coverage, download the
Jerry
app.Jerry is the easiest and most effective way to find a car insurance policy that is customized for you. After providing you with a comprehensive cross-analysis of the best policies across providers, Jerry will handle the phone calls, paperwork, and renewals for your top pick so that you don’t have to. They even help cancel your old policy! So why do all that extra work when Jerry can do it better?
MORE: What to do after buying a new car
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- Gregory R.
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