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Can I get a car loan with a 681 credit score?
I just got an email alert from Credit Karma that my credit had increased from 672 to 681. With this increase, I’m thinking about getting a car loan, but I’ve never had one before. Is a 681 credit score good enough to secure a car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congrats on improving your credit score! You can probably get a
car loan
with a 681 credit score. This puts you in the prime range of borrowers, which should open access to lower interest rates than those with a credit score of 660 or less.However, your credit score isn’t the only thing that lenders analyze to determine your risk or approval. They also assess your creditworthiness through:
- Your income
- Debt-to-income ratio, which determines whether you can afford to take on new debt (ideally, this should be 43% or less)
- Amount of down payment
- Credit history
- How long or short you want the loan
Therefore, you should start by shopping around with lenders and applying for preapproval. By getting preapproved, you can get an estimate of:
- How much the lender will let you borrow, which allows you to budget more effectively
- Your estimated interest rate
- How much you should expect to pay monthly for the car loan
If you can get a car loan with a 681 credit score, you’re probably elated. But don’t let the excitement overshadow your need for car insurance. Instead, hop on the
Jerry
app, answer a few questions, and discover the best rates for your car insurance needs.As a licensed broker, Jerry helps you find and compare quotes from over 50 top providers in minutes. When you find a better rate, Jerry can help you buy your new coverage and even cancel your old policy!
View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
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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