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What is a good credit score for car loan approval?
I want to finance a car, but I'm worried about my credit score. What's a good credit score to qualify for approval?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
To get a decent
car loan
rate, your credit score should be between 600 and 660 at a minimum. However, your acceptance will vary depending on the lender. Some lenders may offer you options at this level while others may turn you down.If your credit score is above 660, you should find a loan with a decent interest rate. Most lenders consider a score above 660 to be a prime credit score. A score of over 780 will be considered super-prime, and you’ll score an even better rate.
You may have options if your credit score is below 600, but you’ll need to keep a watchful eye over the interest rate and length of your loan. Some lenders will see you as an opportunity to make money and offer you low payments under the guise of a lengthy loan at a high-interest rate. This could be loan sharking would be a predatory loan situation.
Always read the loan contract and never sign one that has an interest rate in the double digits. This will ensure that you don’t go
upside down
on the loan and help save you money. In addition, always shop around for rates to make sure you get the best price.Want to save even more of your hard-earned cash? Use the
Jerry
app to shop for insurance and find the best rate for your needs. Although it isn’t exactly a glamorous way to spend the extra cash, you can put your savings toward your car loan and pay it off even faster.View full answer
- Gregory R.
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