650 Credit Score Auto Loan Rate 2021

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?

With a credit score of 650-659, you should qualify for a subprime APR rate, which will be higher than someone with a 700 or 800 credit score. The average rate for a used car loan in the 650 to 659 credit score range is 10.33% (44.75% higher than the average rate for a new car).

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What interest rate can I get on a car loan with a 650 credit score?

650 credit score auto loan interest rates According to Experian data, the average auto loan rate for near-prime borrowers was 6. 07% on new vehicle financing and 9. 80% on used vehicle financing in Q4 2021.

What interest rate will a 650 score get me?

For applicants with FICO® Scores between 640 and 659, the national average interest rate on a 30-year fixed $250,000 mortgage is 3, according to FICO®’s Loan Savings Calculator. 598%.

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.

Is 675 a good credit score for a car loan?

A 675 score should easily secure you a car loan. Your score should, on average, result in an interest rate of between 3 and 4. 6- 4. On a used car, pay 6 and between – and 6 percent. Higher scores increase your chances of receiving lower percentage rates.