What is the significance of a low credit score when trying to finance a car?

In 2023, the average credit score for drivers who procured new car loans was 741, and 682 for a used vehicle. When buying a new or pre-owned Mercedes-Benz, many car shoppers often ask, “What is the credit score needed to finance a vehicle? 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”). Which Credit Score is Used? If 3 scores – use the middle score. If 2 scores ... the streamlined credit analysis cannot be used, and a further review is needed. Mar 18, 2025 ... The credit score required and other eligibility factors for buying a car vary by lender and loan terms. Still, you typically need a good credit ... While there's no one-size-fits-all answer to the question of what credit score is needed to finance a car, aiming for a score above 620 is a practical goal to ... Jul 23, 2021 ... The good news is that there is no bottom line cut off for a credit score in order to purchase a vehicle. In general, this varies from lender to ... Mar 10, 2025 ... According to Experian, a target credit score of 661 or above should get you a new-car loan with an annual percentage rate of around 6.4% or ... Benefits of Getting Credit Union Car Loan. Get pre-approved and know your ... What kind of credit score do you need to get a car loan? The credit score ... If your score is lower than 662, not to worry: almost one quarter of all used and new car loans went to drivers with credit scores below 600. Bad credit car ...