What Credit Score is Needed to Finance a Car?

Bad Credit

When financing a new or certified pre-owned vehicle, it’s generally accepted that a good credit score is needed. However, not all Stephenville drivers have ideal credit scores. What happens if you want to finance a car with bad credit? 

The good news is that the majority of car dealerships will offer bad credit car finance options – even no credit! To find out what credit score is needed to finance a car – as well as the best credit score to finance a car – trust the financial team at Bayer Auto Group. 

Average Credit Score to Finance a Car

What’s the best credit score to finance a car? The average credit score of drivers who have procured auto loans in 2023 was around 733 for a new vehicle and 690 for a used car. When you have a lower credit score, you’ll have to pay higher overall interest. To give a clearer picture of what credit score is needed to finance a car, here is a breakdown of the categories of credit scores:

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

What Are Your Bad Credit Finance Options?

Now that you have a clearer idea of what credit score is needed to finance a car, let’s address the white elephant in the room. What can be done if you have a deep subprime credit score? Abilene drivers can still able to secure bad credit car finance loans:

  • Highlight Your Positive Financial Actions: If you can show proof that you have made solid financial choices, you’ll better the chance of securing a car loan. An example of this is proof that you’ve never missed a credit payment. 
  • Bring Documentation: Pay stubs, auto insurance documents, and other documents can help the dealership show you are in a position to pay off your car loan.
  • Show Collateral: If you own a house near Granbury or put down a substantial down payment, you can likely secure auto financing with an interest rate that won’t break the bank. 

Get Help With Credit Score to Finance a Car Bayer Auto Group

Still need information on what credit score is needed to finance a car? Contact the experts at our dealership near Comanche. We can help you also with more general questions about buying vs. leasing a new or used car. 

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