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Can I get a car loan with a 699 credit score?
My current car’s days are numbered, or at least according to my mechanic. He said I should start looking for new cars now. I’ve always paid cash for cars in the past, but I want something that’s going to last. Can I get a car loan if I have a 699 credit score?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
As long as you have steady income and a manageable amount of debt, you can get a car loan with a 699 credit score. A 699 credit score puts you in the prime range of borrowers, which lowers your perceived risk. Because your risk is lower, you should find more lenders willing to work with you and more favorable
car loan
terms as a result.According to the latest statistics compiled by credit bureau Experian, borrowers with a credit score between 660 and 780 can expect average car loan interest rates of:
- 3.64% for new cars
- 5.35% for used cars
Keep in mind that lenders also analyze other aspects of your application than just your credit score, including:
- Down payment amount
- Amount you want to borrow
- Your income
- Debt-to-income ratio, which is a measure of how much debt you have respective to your pre-tax income; this should ideally be 43% or less
While you can get a car loan with a 699 credit score, you can’t legally drive the vehicle off the lot without full coverage car insurance. Lenders require full coverage for the life of the loan, so budget accordingly and use the
Jerry
app to shop prices.Jerry is a licensed insurance broker that provides quotes from dozens of top-rated and well-known car insurance companies. After you find a great rate, Jerry can help you buy insurance and cancel your old policy. Customers save an average of $887 per year!
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- 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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