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What credit score is needed for a car loan?

In general, what's the minimum needed?

Answer Question

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.

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

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

    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!

    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.

    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!!!

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

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

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

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