What Credit Score Is Needed to Buy a Car?

Buying a dream car is a huge financial step, and knowing your credit score can help you enter the buying process on strong base.

A low credit score won't prevent you from securing a car loan, but it can increase your interest rate, which can lead to higher payments.

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Interest rates vary depending on your credit score, so knowing what to expect on average can help you budget for your dream car.

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A target credit score of 661 or higher should allow you to get a new car loan with an annual percentage rate of about 4.03% or better.

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A target credit score of 661 or higher should allow you to get a used car loan of about 5.53% or less.

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Credit score : Superprime: 781-850.

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Credit score : Prime: 661-780.

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Credit score : Nonprime: 601-660.

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Credit score : Subprime: 501-600.

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Credit score : Deep subprime: 300-500.

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Buying a dream car is a huge financial step, and knowing your credit score can help you enter the buying process on strong base.

A low credit score won't prevent you from securing a car loan, but it can increase your interest rate, which can lead to higher payments.

Interest rates vary depending on your credit score, so knowing what to expect on average can help you budget for your dream car.

A target credit score of 661 or higher should allow you to get a new car loan with an annual percentage rate of about 4.03% or better.

A target credit score of 661 or higher should allow you to get a used car loan of about 5.53% or less.

Credit score : Superprime: 781-850.

New Car Average APR: 2.96%.

Used Car Average APR: 3.68%.

Credit score : Prime: 661-780.

New Car Average APR: 4.03%.

Used Car Average APR: 5.53%.

Credit score : Nonprime: 601-660.

New Car Average APR: 6.57%.

Used Car Average APR: 10.33%.

Credit score : Subprime: 501-600.

New Car Average APR: 9.75%.

Used Car Average APR: 16.85%.

Credit score : Deep subprime: 300-500.

New Car Average APR: 12.84%.

Used Car Average APR: 20.43%.