What Credit Score is Needed to Finance a Car?

DGDG 2021 Chevy Equinox white rear exterior in woods
Many San Jose drivers are wondering if they have the credit score to finance a car. If you’re looking for tips to obtain bad credit car financing, we can help! The finance department at Del Grande Dealer Group will work with you to help you get the care needed to enhance your driving experience. Feel free to give us a call if you have any questions or need help with the application process. We strive to make the car-buying experience as stress- and hassle-free as possible.

Average Credit Score to Finance a Car

The average credit score to finance a car in 2020 is 721 for a new vehicle and 657 for a used car. Oakland drivers may be able to get a bad credit car finance loan, but the lower the credit score, the higher the interest rate that you’ll pay. Below is a breakdown of the different health categories for credit scores:

  • 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 Bad Credit Car Financing

So, what credit score is needed to finance a car? This varies depending on your credit score and the lender. There are additional things to keep in mind:

  • Focus on Positives: If you can prove that you’ve made positive financial actions, you can increase your odds of securing an auto loan. For example, if you’ve never missed a payment, but your credit score has been ruined due to business debt, you’re in a good position.
  • Bring Proof: Bring pay stubs, proof of address, cell phone bills, auto insurance documents, and proof of employment. Any documents showing that you’re responsible and in a position to pay off your car loan despite your credit score helps.
  • Show Collateral: If you own a home or can put a good-size down payment (at least 25%), your odds of qualifying for auto financing and getting a good interest rate are stronger.

Visit Del Grande Dealer Group Today!

If you’re wondering if your credit score is strong enough to finance your next vehicle, give us a call! We’re here to answer any questions you have while we walk you through the car-buying process. We can also answer questions like what’s good mileage on a used car or what’s a good interest rate for a car loan. Give us a call to get the process started!

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