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When you buy a car for cash, your credit score is irrelevant. But for the overwhelming majority of Troy-area car shoppers who will rely on automotive financing to pay off their vehicle over time, credit score is, on the contrary, very impactful. In fact, you’ll need a credit score (AKA established credit) to finance a car, but what score you have will impact the interest rate you’re approved for. With all that having been said, there is no real “minimum” credit score required to qualify for an auto loan; it’s just that loan rates vary based on a person’s credit score category, which can range from deep subprime (worst) to superprime (best).
Deep subprime loans are generally extended to customers with a credit score of over 300, while a superprime loan, which gets you the best rates, is extended to those with a credit score higher than 781. Read on or visit the Mercedes-Benz of Rochester finance center to learn more.
The average credit score of drivers who have procured auto loans as of 2020 was 721 for a new vehicle and 657 for a used vehicle. Rochester drivers like you can most likely get approved for bad credit financing if your score is significantly lower than 650. Here is a breakdown of the different health categories for credit scores that can impact your loan interest:
What credit score is needed to finance a car? Like we’ve said, it might be lower than you thought! If you do have bad credit and are looking for car financing, here are some tips to follow:
Still curious about whether your credit score is good enough to get you approved for first class financing near Sterling Heights? Call (248) 652-3800 or contact us online for additional assistance. In the meantime, we encourage you to check out all of our car buying tips.
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