What’s the average credit score to get a car loan?

I’ve never been able to maintain a good credit score, and I need to buy a car for work. What’s the average credit score to get a car loan?

Answer
Maintaining a good credit score can be very difficult at times. In most cases, lenders seem to feel comfortable with a score of 660 or more as it is a good benchmark that you are generally responsible with your finances. While having a score of 660 is a good starting point, you may still have to deal with slightly higher than average interest rates on your car loan. A score of approximately 720 should be enough to lower your rate substantially–although a higher score can mean even lower interest rates.
Credit scores can be somewhat subjective and each lender can view your score differently. The average credit score isn’t exactly a magic number that all lenders will find acceptable, so keep that in mind if you see differences in the rates you receive between lenders.
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Michael Miserendino
Answered on Jan 03, 2022
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