How can I negotiate a better interest rate on my car loan?

Sep 26, 2024 ... The minimum credit score needed for a new car may be around 600, but those with excellent credit often get lower rates and lower monthly payments. In 2023, the average credit score for drivers who procured new car loans was 741, and 682 for a used vehicle. Feb 28, 2025 ... There is no universal credit score requirement for car finance. Each lender uses different criteria when assessing applications. Generally, a ... 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. 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. Mar 5, 2024 ... Quite frankly, I do not see the need to go into further debt. Buying a new car is not a smart idea. Think about all of that interest you will be ... Sep 8, 2022 ... Before you take out a loan to buy a new car, consider how that loan can affect your credit down the road. The journey to financing a new, used, or certified pre-owned car is an exciting process often filled with several important considerations to make. You don't need some magic credit score to get a car loan. Most people and most credit scores — good or poor — can get one ... Apr 11, 2024 ... Applying for a luxury auto loan often requires a credit score of at least 700. Many lenders prefer a “very good” credit score of 740-799 or an “ ...