What is the impact of defaults on my credit score?

Apr 16, 2021 ... You will likely need a credit score of 500 or above to qualify for an auto loan. A credit score range of 780 or better typically gets you the best rates. Theaverage credit score to finance a car is 660, but every credit score is grouped into one of five categories. An average new car buyer has a credit score of around 722. For used car buyers, the average hovers around 655. 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 “ ... Mar 1, 2021 ... Created and curated by the Fair Isaac Corp., FICO says its scores – which range from 300 to 850 – are used by 90% of the nation's top lenders. 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 ... Mar 7, 2025 ... Key takeaways · There is no minimum credit score required to buy a car, but most lenders have minimum requirements for financing. · Most ... 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. Feb 28, 2025 ... There is no universal credit score requirement for car finance. Each lender uses different criteria when assessing applications. Generally, a ... 740-799: Very Good This score range indicates positive credit behavior. · 670-739: Good Lenders typically view those with this score range as acceptable or lower ...