What Credit Score is Needed to Finance a Car?


Many drivers prevent themselves from driving a reliable vehicle because they believe they don’t have a high enough credit score to finance a car. If this is the case for you, we invite you to speak to the finance experts at Sam Leman Automotive Group. The car of your dreams may actually be within reach. Our team would be more than happy to discuss what’s available to you, including bad credit car finance options. 

Wondering what credit score is needed to finance a car? Read on to find out! 

What is the Average Credit Score to Finance a Car?

In most cases, for drivers who have obtained an auto loan in 2020, the average credit score for acceptance is 721 for a new vehicle and 657 for a used car. Bad credit car finance options are still available for drivers whose credit scores fall below the average. Keep in mind that you will have a higher interest rate with a lower credit score. Wondering where your credit score falls?

  • 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, what credit score is needed to finance a car? This depends, because even drivers with a deep subprime credit score can still secure bad credit car finance loans. To improve your chances of getting approved, the tips below can help:

  • Focus on Positives: If you are able to prove positive financial actions, there is a better chance you will be approved for an auto loan. An example of this is that a person will be in a better position if their low credit score is due to a business debt, but they have established a history of making all personal payments on time. 
  • Bring Proof: Bring pay stubs, proof of address, cell phone bills, auto insurance documents, and proof that you’re currently working. If you can show responsibility and that you have the ability to make your payments, it can be beneficial. 
  • Show Collateral: If you own a home or are able to put down a substantial down payment (at least 25%), you have a much better chance of securing a loan and getting a better interest rate. 

Sam Leman Automotive Group Makes Car Financing Hassle-Free

If you still have questions regarding what credit score is needed to finance a car, the team at Sam Leman Automotive Group would be more than happy to assist you. We want to make your dream of car ownership a reality. Contact us today for more information


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