What Credit Score is Needed to Finance a Car?

Car key & credit card on a signed contract
If you’re on the hunt for affordable auto financing, you’re probably wondering what credit score is needed to finance a car. The good news is that Sacramento customers with a wide range of credit scores can secure a great rate on their next auto loan or lease in or around Roseville – including those with less than perfect credit. In fact, many dealerships offer bad credit car finance options to help customers just like you secure the funding they need for the car that they want. Not only can this help during the shopping process, but it can even improve credit history over time! Find out all about your financing options available with Sacramento Chrysler Dodge Jeep Ram!

What’s the Average Credit Score to Finance a Car?

In 2020, the average credit score to finance a car was 721 for a new model and 657 for a used model. However, that means that many customers had both higher and lower scores. Even if you have a subprime credit score, you can still secure financing. The downside is that you’ll probably pay higher interest rates. Take a look at the breakdown of credit score categories below:

  • Superprime: 781 to 850
  • Prime: 661 to 780
  • Non-prime: 601 to 660
  • Subprime: 501 to 600
  • Deep Subprime: 300 to 500

Bad Credit Car Finance Options

Let’s say you don’t have the ideal credit score to finance a car. There are other things that you can do to make your application more appealing to lenders. Start building your credit or establishing credit in Folsom, or make the case for why you’re a good lending risk with the following tips:

  • Prove Positive Credit History: Can you highlight the positives of your credit history? Maybe you pay off your personal credit payments promptly, but your business debt has tanked your score. Explain your situation honestly, and you can increase your odds of getting a good deal.
  • Provide Evidence: Gather your documents to make a good case for yourself: pay stubs, proof of address, cell phone bills, auto insurance documents, and proof of employment. This helps build the case that you can pay off your car loan.
  • Offer Collateral: One way to bring down your interest rate is to put up more money elsewhere, like a substantial down payment. If you can put down 25% or more, you will likely get a more competitive interest rate for your loan.

Find Out More with Sacramento Chrysler Dodge Jeep Ram

If you’re in the Elk Grove area or even looking to buy a car here from out of state, Sacramento Chrysler Dodge Jeep Ram is here to help you find the financing solutions that you want in Sacramento. Contact us to get started, and we can discuss whether or not a bad credit car finance loan is right for you.

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