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Is 660 a good credit score for a car loan?
I'm planning to buy a new car. To prepare, I checked my credit score. Can I get a good car loan if my credit score is 660?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Buying a new car is very exciting! And checking your credit score is a brilliant first step.
I’m happy to report that having a credit score of 660 is pretty good for a car loan! When it comes to lenders, they use your credit score as a way to gauge your financial habits. A score of 660 is classified as fair.
With this score, you should qualify for a loan with a decent APR when you start applying. APR stands for annual percentage rate and encompasses the interest and fees you will incur over the life of your loan.
With a score of 660, you will likely qualify for about 6.61% interest. But to make sure you get the best deal possible, you should shop around and collect quotes from:
- Local banks
- National banks
- Credit unions
- Online lenders
- Dealerships
However, if you were to wait to buy a car and work on improving your credit score, you may be able to get an even better deal. Those with credit scores of 750-plus can typically find rates in the 2% to 3% range.
The lower the interest rate, the better it is for you and your wallet. But even if your initial car loan does not have the greatest APR, as your credit score improves, you can
refinance
into a lower-interest-rate loan to reduce your monthly bill and/or total interest owed.The
Jerry
app is a great resource for comparing loan options from multiple lenders. Jerry makes it easy by finding the best lenders at the best rates and delivering the lowest-cost options directly to your phone!View full answer
- Gregory R.
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