At minimum, what credit score is needed to finance a car? That’s an important question for car-buyers with bad credit. Before you assume your low score means you won’t be approved for a car loan, be aware that it takes a lot more than your credit score to finance a car. Many other factors impact your chances of a loan offer — so despite your bad credit, car finance offers can come your way. Learn how to maximize your chances from the Finance Center team at Land Rover Wilmington!
An average new car buyer has a credit score of around 722. For used car buyers, the average hovers around 655. If your score is lower, remember that these are averages and that drivers with lower scores have secured great loans on their vehicles. In general, a higher credit score means you’ll be offered lower-interest financing deals. If you’re currently working on lowering your score, keep in mind that lenders will evaluate your score according to FICO or VantageScore rating systems:
Even if you have bad credit, car financing may be possible if:
When you apply for credit and speak with a lender, aim to show that you’re in the process of recovering good credit standing, and that you’re building a recent history of solid financial decisions:
Stop by Land Rover Wilmington near Newark if you’d like to discuss your car loan options with a finance expert. Our team is happy to help you apply for financing and answer any questions about bad credit car loans, leasing vs. buying, gap insurance, and more. Start your financing application online today!
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