What is the minimum average credit score needed to finance a car?

Answer 1

Someone will always lend you money. Your interest rate is directly tied to your credit worthiness, of course. Most car dealerships state "no one denied credit" and they mean it. I have a friend who financed a used Mustang for 20+%. It's all about how much you're willing to pay.

The previous answers provided guidelines for minimums necessary for traditional bank loans. Dealerships will lend you the money somehow no matter what. It just may be loan-shark-type numbers you'll be looking at.

Answer 2

If you have a job making $1500 a month before taxes, it does not matter what your credit score is. I know someone in MI that has credit score of 460 and was bankrupt 4 years ago and still got a loan on a car. The better your credit is, the better your interest rate will be, but the worse credit can get a car. If you have bad credit, and want a car, go to yahoo or google and type in the search " BAD CREDIT CAR LOAN" you will find millions of lenders

Answer 3

You really dont need a specific credit score number to get a car.
If you have good credit dont worry about it.. just shop around.
However.. If you have bad credit... please be very careful.
With bad credit you can still get a car but if you are able to put down a good down payment like a few thousand.
Otherwise you can put down a few hundred and will be stuck with a very high interest rate! you dont want to be stuck with a $500 a month car payment do you?

Answer 4

This is not a precise answer -- lending standards vary from bank to bank -- but 620 is considered the boundary of "bad' credit. 720 is considered good credit. Upper 700's is really good credit.

Also your credit score isn't necessarily the only thing they'll look at. Nearly all dealers will be flexible and try to get you something, although it may be at exhorbitant interest rates.

http://www.carbuyingtips.com/bad-credit-auto-loans.htm is a good page to read. It gives you warnings about scams and shady deals to avoid, as well as advice on financing and information on credit. (Thanks to PittCaleb for this one.)

Answer 5

There is no set number but the interest rate you get depends on how good your credit score. If you credit score is very poor (less than 600), creditors may not give you financing at all.

First, you need to check your credit score and your credit reports. See:
http://www.credit-land.com/articles/articles_page_4420_187015.php
http://www.free-credit-reports.com

Next, if your credit score is not good enough, get the tips to improve your credit score:
http://www.credit-land.com/articles/articles_page_4420_187015.php

Also, check out:
http://www.bankrate.com
http://www.free-credit-reports.com