Which credit score is best for a car loan?

What is a good credit score to get the best car loan? I’m thinking about taking out a loan but I’m worried that my credit isn’t good enough to qualify.

Answer
Your credit score is an important part of getting a car loan, so it’s great you’re looking at it now.
Generally, it’s best to have a credit score of at least 600 when shopping for a car loan. To score a good APR, though, you’ll want a credit score of 660 or higher. The best APR generally goes to people with a credit score well over 700.
If you’re worried about your credit score, though, you can always get a cosigner for your loan. A cosigner can help you qualify for better, more affordable terms on your loan, even if your credit score is weak. It can also help to make a large downpayment on your loan, as lenders will often offer better terms if you can put a large amount of money down.
As you shop for a car loan, remember that you’ll need to shop for car insurance, too. The Jerry app makes it easy to find the best rates out there! Just download the app and answer some questions and you’ll be able to choose a policy you like from a comprehensive, competitive list of quotes. Jerry can even help you sign up and cancel any old policies you won’t need anymore!
Liz Jenson
Answered on Nov 17, 2021
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