What Credit Score Will Get Me a Car Loan
by DeMeko Scott
How often have you been denied a chance to a get a loan on a car and been left wondering what exactly does your credit have to be at to qualify for financing? For some of us of this is a question we have asked on many occasions, which is unfortunate but the truth is that your FICO score is the main factor that holds the power to make or break your dreams of receiving financial assistance with a vehicle.
If you don't want to be caught off guard by lenders and be clueless as to what credit score you need to get an auto loan you have to understand what your score is first. There are a number of websites that you can utilize to figure out your credit rating and when you find it out you want to be sure that you know all three scores. Here is a brief look at where you might fall with you credit score:
As important as you may think it is for you purchase a cheap car today it really would be a bad decision if your credit is below 600. It's important to focus on methods to rebuild your credit first so that you can receive rates that won't be overly harmful to you in the long run. In the time that it will take to improve you situation you will still be able to choose a great new vehicle from anywhere while knowing that you have received a great deal.
Knowing your Credit Score
If you don't want to be caught off guard by lenders and be clueless as to what credit score you need to get an auto loan you have to understand what your score is first. There are a number of websites that you can utilize to figure out your credit rating and when you find it out you want to be sure that you know all three scores. Here is a brief look at where you might fall with you credit score:
- 720 and up: This places you position to have Prime Credit which will give you the best interest rates and monthly payments.
- 680-720: In this range you have Good Credit which can allow you get good rates as well and easy to qualify for loans.
- 640-680: At this point you have Marginal Credit which is a place where things can tend to go either way as some lenders may differ.
- 600-640: Once you get close to the lower parts of 600 you are looking at Sub-Prime Credit which can still get you financing with a website like SmartCarFinder.com.
- 580-600: By having Poor Credit you are not to far from the Sub-Prime level which could still get you financed with an online lender.
- 525 and lower: Having a score this low signifies that you have Bad Credit which makes it impossible to get a loan and will require you to rebuild your credit.
Rebuild Your Credit First
As important as you may think it is for you purchase a cheap car today it really would be a bad decision if your credit is below 600. It's important to focus on methods to rebuild your credit first so that you can receive rates that won't be overly harmful to you in the long run. In the time that it will take to improve you situation you will still be able to choose a great new vehicle from anywhere while knowing that you have received a great deal.
