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What Credit Score is Needed to Finance a Car?

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When your credit score could use some work, you might be curious about what credit score is needed to finance a car. The good news is that a good credit score isn’t necessarily always required for car loans near Pace and most of the time, dealers offer bad credit finance options. Learn more below with the finance team at Sandy And Bubba's Milton Chevrolet and see what your options are whether you want a new or used vehicle.

 

Average Credit Score to Finance a Car

The average credit score of drivers who have secured auto loans is 721 for a new vehicle and 657 for a used car. If your credit score isn’t close to either of these averages, don’t panic as you may still be able to consider bad credit car finance options near Navarre. Though keep in mind that the lower your credit score, the higher interest you’ll pay. These are the health categories according to the credit score ranges:

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

How to Get Bad Credit Car Finance Options

Because there isn’t one answer to “What credit score is needed to finance a car?” you may have more options that you might think. If you have a deep subprime credit score, you can still secure bad credit car finance loans though you’ll need to be aware of the following:

  • Focus on the Positives: Show potential dealers or lenders that you have been working on your credit score as this will increase your odds of securing a loan. For example, if you’ve never missed a credit payment but your credit score has been marred by business debt, you’re in a better position.
  • Bring Proof: Take pay stubs, proof of address, cell phone bills, auto insurance documents, and proof that you’re currently working with you. Any document that will show that you’re responsible and that you’re in a position to pay off your auto loan despite your credit score will help your case.
  • Show Collateral: If you own a home or are able to put down a substantial down payment (at least 25%), you’re far more likely to qualify for auto financing and get a good interest rate to boot.

Secure Your Car Loan at Sandy And Bubba's Milton Chevrolet

Whether you have a high or low credit score to finance a used Chevy Colorado near Crestview, our finance experts at Sandy And Bubba's Milton Chevrolet can help you out! We have tons of experience with local drivers of various finance statues, so feel free to reach out for more information or apply for financing online.

 

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Sandy And Bubba's Milton Chevrolet 30.6021, -87.0753.