What Credit Score is Needed to Finance a Car?

Car Loan Paperwork


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!

Average Credit Score to Finance a Car

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:

  • Super Prime — 901 to 990
  • Prime Plus — 801 to 900
  • Prime — 701 to 800
  • Non Prime — 601 to 700
  • High Risk — 501 to 600
  • Bad — 300 to 500

How to Get Car Financing With Bad Credit

Even if you have bad credit, car financing may be possible if:

  • You’ve reduced debt levels over the past few years.
  • You’ve made on-time payments toward debts and bills.
  • You can demonstrate positive financial actions.

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:

  • Demonstrate improvement. Many large outstanding debts are due to hospital bills, business debts, and student loans. If that’s the case for you, lenders may understand that these debts may mean that your credit score doesn’t reflect your true financial stability.
  • Bring proof. Build your case with pay stubs, proof of address, cell phone bills, auto insurance documents, and proof of current employment.
  • Bring collateral. If you’re a homeowner or can come up with a down payment of at least 25%, lenders are far more likely to decide that you’re a qualified borrower. You may be surprised at the interest rates you can get as a car-buyer with bad credit!

Explore Bad Credit Car Financing Possibilities with Land Rover Wilmington!

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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