Question

What is a decent credit score to buy a car?

Comments

When I was looking to buy an Audi RS6, I found that having a credit score of at least 670 was pretty crucial to get decent financing options. A higher score, like 700 and above, often gets you better interest rates and terms, which can save you a lot of money in the long run. I was pretty nervous about managing payments and what might happen if I couldn't keep up.

I read on https://www.a1autotransport.com/what-happens-if-you-cant-pay-the-owed-amount/ and found all the information I needed about the consequences of not being able to pay the owed amount. For example I found out that it could be placed in a Long-term Storage Facility. It's a great resource that explains the steps lenders might take, like repossession, which is a scary thought. It's good to be informed and prepared for all scenarios when financing a vehicle.

Answer 1

A decent credit score to buy a car is 661 or higher.

You may be able to get a car loan at a lower credit score but you'll also pay higher interest rates.

Your credit score is a major factor when it comes to whether or not you'll be approved for a car loan and some lenders use specialized credit scores such as FICO Auto Score and you'll need prime credit to get a car loan.

A good credit score by age is ages 18 to 26 (679 credit score) ages 27 to 42 (687 credit score) ages 43 to 58 and above (707 to 800) credit score.

The average US credit score is a credit score of 717 which is a pretty good credit score.

The higher the credit score the better.

It used to be possible to  have a 900 credit score but now you can only have an 850 credit score for the highest credit score.

The highest credit score is 850 which is an excellent credit score.

While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score.

The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.

The most your credit score can increase in one year is 100 to 200 points.

Raising your credit score takes at least a year to 2 years to see a significant increase in your credit score.

A good credit score is a credit score in the range of 670 to 739 although 600 can also be considered a pretty good credit score.

An excellent credit score is a credit score of 800 and above.

A credit score of between 670 to 739 is considered to be a good credit score.

Below 680 is considered an average credit score and 300 or less is considered a bad credit score.

Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.