What Credit Score Do You Need to Finance a Car?

There's no single minimum credit score required to finance a car — lenders offer loans across a wide credit range — but your score has a major effect on the interest rate and terms you'll be offered.

General credit score ranges and what to expect

• Excellent (720+): the best available rates and most flexible terms
• Good (660-719): solid rates, though not the very best available
• Fair (620-659): noticeably higher rates, and some lenders may require a larger down payment
• Poor (below 620): financing is still often available, but at significantly higher rates and possibly through a specialized subprime lender

Your score isn't the only factor

Lenders also weigh your income, existing debt relative to income, employment history, and the size of your down payment. A strong income and a meaningful down payment can sometimes offset a lower credit score and improve the terms you're offered.

How to improve your terms before you shop

• Check your credit report for errors and dispute any you find before applying
• Pay down existing debt if possible to improve your debt-to-income ratio
• Save for a larger down payment, which reduces the lender's risk
• Get pre-approved by multiple lenders to compare real offers rather than assuming what rate you'll qualify for