What credit score is needed to buy a new car?

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asked Nov 7, 2020 in Buying & Selling by Sethbulocks (3,080 points)
What credit score is needed to buy a new car?

1 Answer

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answered Nov 7, 2020 by Jodie (35,100 points)
When getting an auto loan to finance a new car purchase most lenders look for a credit score of 600 or above.

It can be possible to get an auto loan with a lower than 600 credit score but you may need a cosigner to sign the auto loan with you.

The cosigner must have a good credit score as well as good credit history as well.

If your credit score is above 600 then you're more likely to get approved for the auto loan the first time.

The higher your credit score the better and the less interest you'll usually pay on your auto loan for your new car purchase.

Not only do you need a good credit score to get an auto loan but you also need good credit history, a good job with usually verifiable income etc.

If your credit score is under 600 then it would not be likely that you'd get approved for a new car loan but you may be able to get approved for a car loan for a used car.

Also check out buy her and pay here used car dealers.

Sometimes you can get approved by the used car dealer with bad credit and then pay around $500.00 down and as you pay the monthly payment on time your credit score will increase and then you can get a new car loan.

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