Since reading that checking your credit score is the first thing you should do when considering buying a car, I did just that. It’s 650. What kind of auto loan am I eligible for if my credit score is 650?
According to Experian data, near-prime borrowers had an average car loan rate of 6.07% on new vehicle financing and 9.80% on used vehicle financing in Q4 2021.
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Can you get an auto loan with a 650 credit score?
You should be eligible for a subprime APR rate with a credit score of 650–659, which will be higher than someone with a 700–800 credit score. With a credit score between 650 and 659, the typical interest rate for a used car loan is 10. 33% (44. 75% higher than the average rate for a new car).
Is 653 a good credit score for a car loan?
A 653 FICO® Score is regarded as “Fair,” so is it a good credit score? With a 653 credit score, it can be somewhat challenging to obtain a mortgage, auto loan, or personal loan. Fair credit borrowers typically don’t get loans from lenders because it’s too risky.
What will a 650 credit score get me?
You have a credit score of 650, which puts you squarely in the “fair” range. Even though you may be able to obtain financial products like a mortgage or car loan, you will probably have to pay higher interest rates than someone who has better credit. The “good” credit range starts at 690.
What is a good APR for 660 credit score on a car loan?
With a credit score between 660 and 669, the typical interest rate for a new car loan is 4. 03%.