What Credit Score is Needed to Finance a Car?

Finance Agreement 

When looking around Escondido for a new car, many drivers aren’t sure if they have a good enough credit score to finance a car. If this sounds like your experience, you might be uncertain about what to do. The good news is that many Oceanside-area dealers offer bad credit car finance options. While that might sound scary, taking on a big loan – when you can pay it off – is one of the best ways to improve your credit score.

If you want to know how to get the best credit score to finance a car, read on to learn more from Quality Chevrolet. For those with more questions, call our finance department at (760) 871-4005 or contact us online to know what car-buying in Escondido entails.

 

 

Average Credit Score to Finance a Car

So, what credit score is needed to finance a car around Poway? In 2023, the average credit score for drivers who procured new car loans was 741, and 682 for a used vehicle. Carlsbad drivers will probably be able to secure bad credit car finance loans regardless of their credit score. Remember, the lower your credit score, the higher the interest you’ll pay. Here’s how the different health categories for credit scores break down:

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

How to Get Car Financing With Bad Credit

Now that you know what credit score is needed to finance a car, it’s important to see if you can secure bad credit car finance loans, but you should keep the following in mind: 

  • Focus on Positives: If you show that you’ve made positive financial actions, you increase the odds of securing a loan. For example, if you’ve never missed a credit payment, but your credit score has been best by business debt, you’re in a better position.
  • Bring Proof: Provide proof of address, pay stubs, cell phone bills, auto insurance documents, and proof of your current employment. Anything that spotlights you are responsible, and in a position to pay off your car loan, will make you appear as a better candidate.
  • Show Collateral: If you own a home, or can put down a substantial down payment (at least 25%), you’re far more likely to qualify for auto finance and get a good interest rate to boot!

Discuss Your Finance Options With Quality Chevrolet

Are you still wondering what credit score is needed to finance a car in Escondido? If you have more car financing questions, Quality Chevrolet is the best dealership to turn to. We can help you determine whether or not a bad credit car finance loan is right for your budget, and what you can do to improve your leverage while negotiating. We’ll also be able to help you with getting a loan with bad credit and much more. Get your next car around Oceanside with Quality Chevrolet!

 

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