What average credit score do you need to finance a car?

[30Bly]

what does your credit score have to be at the minimum to be able to get a car? no smart-mouths either, and what are some ways to build up your credit score? I'm only 19

[cheapwebdesignchicago]

If a car is an absolute necessity and public transportation isn't an option, you can look into BHPH (buy here pay here) dealers. You are going to pay a very high interest rate for not such a great car at a relatively high price. Sounds ugly and it definitely is if your only option is this route. BHPH are there to finance people who wouldn't be able to get a car otherwise, but you pay them for the risk they are taking.

To get a loan from a lender, your best bet would probably be the finance arm of the manufacturers. They usually have a first time buyer incentives. I would think anything below around 650 would be difficult in any situation. Considering your age, unless you've got a decent work record/income/down payment, you are probably going to need someone to co-sign.

[KennethPaxton]

A good credit score is very important when you want to finance in car. I would only say for this is make your score about 600 or higher then you easily get the loan but the interest is depend on the policy of the bank.

[DwightDuncan]

A good credit score is very important when you want to finance in car. I would only say for this is make your score about 600 or higher then you easily get the loan but the interest is depend on the policy of the bank.

Your credit score is very important when you are going to finance a Car, I think you are right the credit score should be 550 to 600 to finance a car.

[Greatta]

If a car is an absolute necessity and public transportation isn't an option, you can look into BHPH (buy here pay here) dealers. You are going to pay a very high interest rate for not such a great car at a relatively high price. Sounds ugly and it definitely is if your only option is this route. BHPH are there to finance people who wouldn't be able to get a car otherwise, but you pay them for the risk they are taking.

To get a loan from a lender, your best bet would probably be the finance arm of the manufacturers. They usually have a first time buyer incentives. I would think anything below around 650 would be difficult in any situation. Considering your age, unless you've got a decent work record/income/down payment, you are probably going to need someone to co-sign.

Very good advice, thanks!

[peterradcliffe]

There is no minimum credit score for financing a car. if you have good or bad or no credit score its does not matter. Every lender has some different criteria for credit score.

a credit score should above 500 for car finance in my opinion.

[leojack]

Car loans are possible with bad credit score also. 650 is the minimum credit score average. Financial companies are checking the age, financial status, credit score and other some eligibility criteria.

[pamchaser]

A good credit score is very important when you want to finance in car. I would only say for this is make your score about 600 or higher... if you interested to find out more about finance and business related news, Read more on Global Banking & Finance Review

[shanerobert]

The average credit score for a new car was 713, and 656 for the used car, as per the Experian report.

[essencepk]

At the end of 2017, the average credit score for a new-car loan was 713, and 656 for a used-car loan, according to an Experian report. But nearly 20% of car loans go to borrowers with credit scores below 600, according to Experian. Almost 4% go to those with scores below 500.