What Credit Score is Needed to Finance a Car?

 

 

Oftentimes, car buyers in Collinsville are prone to stressing out about their credit score when hoping to finance a car like the new Jeep Gladiator and its engine specs – especially when trying to finance with bad credit. This makes sense, as your credit score may affect your APR (annual percentage rate), and it can even affect whether you’re eligible for a loan to begin with. Keeping this in mind, let’s explore the key things to consider when you’re trying to secure financing.

What’s the Average Credit Score to Finance a Car?

As of the third quarter of 2016, the average credit score needed to secure an auto loan on a new vehicle is 714, or 655 for a used vehicle. However, many drivers still managed to obtain a loan with both higher and lower than average scores. You should take note that the higher your credit score, the lower the interest rate you can get. Here are the categories credit scores are put into:

  • Superprime: 781 to 850
  • Prime: 661 to 780
  • Nonprime: 601 to 660
  • Subprime: 501 to 600
  • Deep Subprime: 300 to 500

How to Get Car Financing With Bad Credit

If you’re fretting about poor credit, you might not need to. Even with a less than stellar credit score, a car finance loan can be part of your future. That said, there are things you can do to have an easier time securing financing with bad credit in Tulsa:

Car keys on top of calculator
  • Focus on Positives: Oftentimes, drivers with poor credit are able to obtain a car finance loan when they can show they take positive financial actions. If your bad credit score is a result of business debt yet you’ve always paid your car payment on time, you may be able to find an understanding lender who will work with you.
  • Bring Proof: The proof is in the pudding! Show lenders you’re responsible by presenting your pay stubs, proof of address, auto insurance papers, cell phone bills, and prove to them that you’re presently employed.
  • Show Collateral: If you’re a homeowner or can manage to make a substantial down payment of at least 25 percent, you’ll increase the likelihood of qualifying for auto financing and getting a good interest rate.

You May Have the Credit Score Needed to Finance a Car at Jim Glover Dodge Chrysler Jeep Ram FIAT

Even if you’re worried about bad credit, give us a chance to help you find a vehicle you love near Broken Arrow with financing that works. You can use our payment calculator to get an idea of your monthly costs, and trade in your current vehicle to save even more. If you have questions, feel free to contact us anytime. When you get behind the wheel of your dream vehicle, celebrate with dinner at one of Owasso’s best restaurants!

Hoping to buy a new work truck? Compare the RAM 1500 vs. Ford F-150 to see how RAM power can assist you on Claremore jobs.

 

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Jim Glover Dodge Chrysler Jeep Ram FIAT
Jim Glover Dodge Chrysler Jeep Ram FIAT
10505 N Owasso Expy
Owasso, OK, 74055 US
918-609-4201
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