What Credit Score is Needed to Finance a Car?
Is your credit score good enough to secure financing for a new car in Waterford? Like many other drivers, you might not be sure what credit score is needed to finance a car. Even if you have bad credit, finding car financing is possible. In fact, securing a car loan and making your payment on time every month is a way to raise your credit score. Learn more about bad credit car finance and what credit score is needed to finance a car with the Old Saybrook Hyundai finance team. Then, be sure to explore our offers and incentives
to keep your monthly payments low!
Average Credit Score to Finance a Car
To finance a new car, you’ll need a credit score of at least 721, and for a used car you’ll need 657. Although, many Madison drivers will be able to secure bad credit car finance loans if your credit score doesn’t meet those marks, but your interest rate will be higher. Read the credit score breakdown below to see where you fall:
- 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 Car Financing With Bad Credit
So, if you have bad credit, how to get a car loan? Those that fall into the deep subprime credit score category can still get bad credit financing:
- Demonstrated Positive Financial Actions: Even with a bad credit score, you increase the chances of obtaining a loan if you demonstrate positive financial actions, like never missing a credit card payment.
- Bring Proof: Bring paycheck stubs, proof of residence, and any monthly bills like a cell phone bill, to prove you’re responsible and can pay off a car loan despite a negative credit score.
- Show Collateral: If you’re a homeowner and can put down a sizable down payment, which is typically 25 percent, you’re more likely to be approved for car financing in Branford – and maybe even get a fair interest rate.
Contact the Old Saybrook Hyundai Finance Team
Learn about how your credit score can finance a car with the financial experts at Old Saybrook Hyundai. Contact us in Old Saybrook with any questions. No matter if you’re looking for tips on financing, leasing, or car insurance, check out our car buying tips! Want to get the financing process started? Apply for financing online and get pre-approved today!