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Can 626 be considered a good credit score for a car loan?
Can I take out a car loan with a 626 credit score? This is my first time financing a car. I don’t know if my credit score is considered good enough.
Phoebe Mah · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
When it comes to taking out a
loan
, having a good credit score will increase your chances of getting approved and qualifying for lower interest rates. To identify your eligibility, lenders usually use a ranking system. While it depends on the system lenders use, most consider 626 a good credit score for a car loan.Credit scores are broken down into these categories:
- Superprime (exceptional): 781 to 850
- Prime (very good): 661 to 780
- Non-prime (good): 601 to 660
- Subprime (fair): 501 to 600
- Deep subprime (poor): 300 to 500
That said, lenders typically give the best rates and terms to those with credit scores of 661 or higher. But, don’t worry, there are still options for you to get a loan.
To get a better interest rate, consider these tips:
- Improve your credit score by not missing payments.
- Catch up on any late payments.
- Limit how many new accounts you open. Each time you open one, it will require a hard inquiry, which can hurt your credit score.
Every lender will offer a different rate, so shop around to ensure you get the best deal.
Before you buy a car, remember you will need a car insurance policy. If you’d rather leave the hard work of gathering quotes to someone else, try
Jerry
. The Jerry app can collect quotes from 50+ top insurance companies, like Travelers and Nationwide, in seconds! They even help cancel your old policy once you’ve made your pick.View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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