What kind of car financing rate can I get with a 700 credit score?

I want to finance a car, but I'm worried that my 700 credit score isn't good enough. What rate should I expect with this credit score?

Answer
A 700 credit score puts you firmly in the prime range of credit scores, meaning you can get a competitive rate as long as you shop around, have good income, and have a solid debt-to-income ratio.
A 700 credit score gets an average car loan interest rate of 3% to 6% for new cars and 5% to 9% for used cars. Keep in mind that this is merely an average. It will vary depending on several factors, including:
  • The length of the loan
  • Your down payment
  • Any promotional interest rates you can find
Because you’re in the prime range, shopping around will almost certainly get you the best rate possible. And because you’re so savvy with your money, you should certainly do the same with your car insurance.
Remember that when you finance a vehicle, the lender will require full coverage car insurance. Use the Jerry app to compare rates from more than 50 top car insurance companies so you can get the best car insurance coverage at the best rate possible. The average Jerry driver saves $879 a year on car insurance!
Eric Schad
Answered on Nov 23, 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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