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Is 805 a good credit score for a car loan?
I’ve been waiting for what seems like an eternity for the Ford F-150 Lightning to be released. I can’t wait to get my name on the reservations list—but I’ll need to secure financing before I can do it. Will I get good terms on a loan with a credit score of 805?
Samuel Todd · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
That F-150 Lightning is pretty sweet—just like your credit score! Any credit rating of 800+ is considered “excellent” and will get you a rate of about 2.6% on your new truck.
For the purpose of car loans, your score falls into the “Superprime” category, which is the highest range for financing. Of course, the exact rate you get will depend on the length and details of your loan, but your APR on a new loan should be below 3%—even your used-car APR would be sitting pretty at about 3.7%.
There’s no doubt that the sleek, all-electric Lightning will be a phenomenal addition to your garage. Unfortunately, new cars come with one big downside—a spike in your monthly insurance payment.
If you want to try to keep your monthly payment as low as possible without sacrificing coverage, download
Jerry
. Jerry is a car insurance shopping super app that will get you the nicest deals on your new truck’s insurance.The average Jerry user saves $887 on
car insurance
! Plus, we’ll even help you cancel your old policy—as relaxing as a smooth ride in that quiet F-150 cabin.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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