I want to purchase a car for my son because he needs one. Though it’s been a while since I bought a car. What it takes to be eligible for a loan escapes me. Can someone with a 740 credit score get a car loan?
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Is a 740 credit score good to buy a car?
Your FICO® Score is in the Very Good range, which is between 740 and 799. A 740 FICO® Score is above the average credit score. Very Good-scoring borrowers typically qualify for better interest rates and product offers from lenders.
What car interest rate can I get with a 740 credit score?
With a credit score between 740 and 749, borrowers can expect to pay a higher interest rate for a used car loan. With a credit score between 740 and 749, the average interest rate for a used car loan is 5. 53% (33. 33% higher than the average rate for a new car).
What can a 740 credit score get you?
A 740 credit score is a good credit score. An excellent credit score is between 750 and 850, while the range for good credit is between 700 and 749. Those who have scores in this range are in a good position to be approved for the best mortgages, auto loans, and credit cards, among other things.
How much would a car payment be with a 750 credit score?
For instance, a buyer with a 750 FICO score might be eligible for $85,000 at 96 months, but someone with a 650 score might only be eligible for $35,000 over 72 months. To view your maximum payment in the credit score auto loan calculator, move the time and money squares to the right. How much does interest rate affect my monthly payment?.