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What credit score is needed for a car loan?

In general, what's the minimum needed?

Answer Question
 
threeeunder3

Asked by threeeunder3 at 10:01 AM on Mar. 11, 2010 in Money & Work

Level 3 (21 Credits)
Answers (6)
  • In theory, you can get a car loan with a score of about 550, but the interest rate will be huge and they may require a large downpayment. To take advantage of those really low interest rates they show on tv for new cars, you need to be well over 700.
    Scuba

    Answer by Scuba at 10:07 AM on Mar. 11, 2010

  • As high as possible to get the best interest rate available.
    homejobsformom

    Answer by homejobsformom at 10:11 AM on Mar. 11, 2010

  • my credit is bad and i was able to get financing for a car. i have a 21-22% interest rate?? so its really high... but i did have to go to one of those places that "guarantee" loan approval and is for people with bad/no credit. good luck!
    lilianasmom1116

    Answer by lilianasmom1116 at 10:19 AM on Mar. 11, 2010

  • We just went through this last week with my 21 year old son at our local bank. He had to have a 650 to even be considered, even with a co signer. Interest rate was based on the AGE of the car, not the credit score of the borrower.
    michiganmom116

    Answer by michiganmom116 at 10:49 AM on Mar. 11, 2010

  • My credit isnt great, with a co-signer for income reasons i got approved with 0 down for a 15,000 loan at 13% rate SUCKS but i got screwed after a car accident! I got a much better car with a warrenty though!!!
    Anonymous

    Answer by Anonymous at 12:11 PM on Mar. 11, 2010

  • Don't buy more car than you can afford; pay cash.
    rkoloms

    Answer by rkoloms at 5:58 PM on Mar. 11, 2010

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