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Is 756 a good credit score for a car loan?
Now that I’m commuting again, I want to buy a more fuel-efficient car. I’ve never taken out a car loan before, though. I have a credit score of 756—will it be easy to get a car loan?
Shannon Fitzgerald · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
That’s a great idea to invest in a more fuel-efficient vehicle for your daily commute!
Fortunately for you, 756 is a good credit score for a car loan. It should be fairly easy to qualify.
Here’s what you’ll need to do:
- Research at least three lender offers—Make sure the agreement benefits you and not just the lender
- Decide on a lender—Usually you’ll take out a loan from the dealership itself, a bank, or a credit union
- Decide on a down payment, your loan term, and your interest rate with your lender
- Make monthly payments until the principal and interest have been paid off
You generally want to keep your interest between 3% and 5% and your loan term less than 72 months. The best plan of action in the long run is to pay as much as you can financially manage per month so that you don’t end up
paying significantly more for your car
once interest is added on. Having a credit score above 661, like you do, puts you in a great position for loan offers, though! On average, credit scores between 661 and 780 can usually get an
APR
as low as 3.64%. Once you decide on a loan to purchase that energy-efficient car,
Jerry
can help you keep money in the bank with lower rates on car insurance. The app is free to use and instantly analyzes custom quotes from over 50 top insurance companies to track down the most affordable premiums for your coverage needs. The average Jerry user saves $887 a year on
car insurance
, so it’s definitely worth a look to save money while protecting your new investment! View full answer
- Gregory R.
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