How does my credit score affect my car loan interest rate?

Feb 28, 2025 ... There is no universal credit score requirement for car finance. Each lender uses different criteria when assessing applications. Generally, a ... Jun 29, 2023 ... Most used auto loans go to borrowers with minimum credit scores of at least 675. For new auto loans, most borrowers have scores of around 730. What credit score is needed to buy a car? Getting Car Financing With Bad Credit. What credit score do you need to obtain financing for buying a car? That depends because Oakwood drivers with a deep ... 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. Sep 16, 2024 ... A number of lenders use the FICO Score 8 and 9 or VantageScore 3.0. However, there is also an industry-specific score that many lenders use, known as the FICO ... In 2019, the average credit score for a new car loan was 715 and the average credit score for a used car loan was 662. Mar 19, 2025 ... For example, if your score is 750 or higher, you might be able to land an interest rate as low as 4%. But if your score sits in the 600–649 ... In 2020, the average credit score for drivers getting auto loans was 721 for a new vehicle and 657 for a used car. What credit score is needed to finance a car? If you're worried you have bad credit car finance, don't worry; you have options at Mazda of Canton!