How can I get pre-approved for a car loan?

That being said, there's a big difference in the loan rate. If you possess a credit score around that 713 number, you may see an interest rate around 5 percent. The average credit score needed to finance a car will vary depending on whether you buy new or used, and on your current financial situation. Oct 12, 2022 ... Depending on the credit model used, your score can vary widely with lenders. Read on below for the two most common scores, FICO and FICO Auto. Jul 25, 2024 ... You typically need a FICO® Auto Score of at least 670 or a VantageScore® (3.0 or 4.0) greater than 661 to get a traditional car loan with good terms. If you're worried about your credit score as you prepare to apply for a car loan, allow Joe Morgan Honda to give you some insight on credit scores needed to ... Ideal Credit Score to Finance a Car · Average Credit Score to Finance a New Car: 714 (“Prime”) · Average Credit Score to Finance a Used Car: 655 (“Non-Prime”). Generally speaking, the average credit score to finance a car is 722 for a new vehicle and 655 for a used vehicle. Make a higher down payment. This will mean that you'll need to borrow less money. Shop around to different lenders and see how their car loan rates compare. Apr 6, 2023 ... The minimum credit score to buy a car can vary by finance company. Generally, a score of 600 or better can help you qualify for auto financing. There is no minimum score that you need to buy a used or new car. You can buy a car with any level of credit.