What does my credit score need to be to finance a car?
July 12, 2010 · Posted in Improve Your Credit Score
I recently paid off all my debts and my credit scores are slowly improving. I got my credit report and it doesn’t look too bad since most of the negatives have been removed. I, like so many other people, messed up my credit when I was younger and I’m still paying for it now. My credit scores range from 579 – 618. Is this good enough to get a loan for a car, or do I need to wait a while longer?
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Actually, I’ve seen people get car financing with scores as low as 540. To get the best interest rates you will need scores above 620 and will need to have at least 10% down. Basically, if you have money to put down on a car, have proof of your ability to pay the debt and have scores around 600, you will likely get a reasonable car loan.
To get the best interest rate, go to your bank and get pre-approved. If you can’t get that, car dealerships (new or used) will find financing for you. They want to sell a car so they will do everything they can to find financing for you.
Financed cars are more expensive to insure because they require full coverage. You can find out how much you would pay for full coverage on a car by using this tool – carinsurance.yoll.net
For a good rate, around 720. You should be able to find one with your scores. Try your bank first and see what rate they give you.
As said Joe, it dapands
Avoid the loans. Most cars do not gain in value. Find a nice affordable used car.
Actually, I’ve seen people get car financing with scores as low as 540 :S
It depends on banks and financial institutes because every bank rules is different.
I didn’t hear anyone ask this yet, but what are you doing right now to improve your credit. What I mean is do you have any open accounts that are in good standing because of timely payments? That is a good way to start improving credit quickly, grab a line of credit that is very within your means to pay off and start paying on it every month and on time.
DavidS@Phoenix Attorneys´s last [type] ..The Law Offices of Michael A Burkhart
You should be fine if you got a score over 600. Under that and it will depend on the financing company or bank.
Matthew Rankin´s last [type] ..How to get your free FICO credit rating
Trying to decide which major I want, I think I want to go into finance, but I am not sure. I know I am going into business- at a business school.
If at all possible, avoid getting a loan for a car. You will be paying enough monthly as it is with car insurance!
I have only have one revolving credit card, and I have a very high credit score. Because of this overall score they subsequently increase my credit line, even though I don’t ask for or use this revolving line of credit. Question? I have been told if you ask for a credit line decrease they lower your overall credit score? Why? What can you do to minimize a lowered credit score.
I didn’t hear anyone ask this yet, but what are you doing right now to improve your credit :S
vibratör´s last [type] ..Vibratör Modelleri
For a good rate, around 720. You should be able to find one with your scores…
I have a few store credit cards (Macy’s, Banana Republic, etc) in addition to a major credit card. I want to cancel some of the store credit card, but I don’t know how that effects my credit rating. I think closing credit cards in general lowers credit scores, but what about those store cards.