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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?
Michael Miserendino · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
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.
Remember that when you finance a vehicle, lenders will require full coverage insurance, so be sure to budget for this added cost. To find the best deals on car insurance, try using the number-one-rated car insurance app,
Jerry
. Jerry compares competitive quotes from more than 50 top providers and delivers the best deals to your phone in minutes for free. The average Jerry driver saves $879 a year on car insurance.View full answer
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