Search All New Vehicles

Search All Used Vehicles

What Credit Score is Needed to Buy a Car?

Credit History Document

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.

What’s the Average Credit Score to Finance a Car?

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:

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

Tips for How to Get Car Financing With Bad Credit

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:

  • Accentuate the Positives: Have you made positive financial actions recently? Congratulations; you’ll increase your odds of getting approved for a loan! For instance, if you’ve never missed a credit payment, but your credit score has been marred by business debt, you’re in a better position.
  • Back Yourself With Documentation: Bring pay stubs, proof of address, cell phone bills, auto insurance documents, and proof that you’re employed. Any document that can show you’re responsible and can pay off your loan will help your case.
  • Show Collateral: If you own a home or are able to put down a substantial down payment (at least 25%), you’re far more likely to qualify for auto financing and get a more favorable interest rate.

Let’s Talk Financing at Mercedes-Benz of Rochester!

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.

 

More from Mercedes-Benz of Rochester

  • 2022 Mercedes-Benz GLS Dimensions

    Looking for a luxury SUV that will truly take all your Troy and Rochester commutes and adventures alike to the next level? Enter the 2022 Mercedes-Benz GLS. This SUV has it all, from a sleek and stunning exterior to an interior with plenty of space to stretch out. What exactly are the Mercedes-Benz GLS dimensions?…

  • Introducing the All-Electric 2023 EQS SUV

    Mercedes-EQ continues to revolutionize the EV segment, with its latest model being the all-electric 2023 EQS SUV. As the brand’s first-ever sports utility vehicle, the all-new EQS SUV offers mind-blowing efficiency, high-powered performance features, and high-end interior appointment that will elevate your Troy drives to new levels. You may be wondering, “What is the 2023…

  • 2023 EQE Overview

    Mercedes-Benz recently announced the flagship of its new all-electric lineup, the 2022 EQS! This electrified version of the luxurious S-Class boasts powerful performance specs and sophisticated features inside and out. Some automakers might rest on their laurels after releasing such a vehicle, but Mercedes-Benz is taking things even further with the upcoming 2023 EQE! This…

Search
Contact
Saved

Saved Vehicles

You don't have any saved vehicles!

Look for this Save icon

Once you've saved some vehicles, you can view them here at any time.

Search
Value Trade
Contact Us
Saved

Saved Vehicles

You don't have any saved vehicles!

Look for this Save icon

Once you've saved some vehicles, you can view them here at any time.

Schedule Service
Mercedes-Benz of Rochester 42.6724135, -83.1321802.