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Is 807 a good credit score for a car loan?
I’ve been saving up to buy a new car for school, but I’m very new to the car loan process. How do you get a car loan? I have a credit score of 807—will my options be good?
Shannon Fitzgerald · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on taking that step to get your new car!
Yes, 807 is a good credit score for a car loan. Your odds of qualifying for a great interest rate are very high.
Here’s how the car loan process will look:
- You will compare offers from at least three different lenders—This is to make sure you’re getting the best agreement available to you.
- You will decide on a lender—Usually, your lender will be the dealership itself, a bank, or a credit union.
- You and your lender will negotiate a down payment, loan term, and interest rate.
- You will make monthly payments until you have completely paid off both the principal (borrowed amount) and interest.
A good interest rate for a car loan is generally between 3% and 5% while a good loan term, or duration, will generally be less than 72 months. As a rule of thumb, try to pay as much per month as you can financially manage—that way you don’t end up
paying significantly more for your car
in the long run. Having a credit score well above 661 (many lenders’ minimum allowable credit rating) puts you in a great place for loan offers. On average, credit scores between 661 and 780 can usually get an
APR
around 3.64%. So a credit score above that could earn an APR as low as 2.58%. Once you agree on a lender and a loan and finally purchase that dream car of yours,
Jerry
can help keep some 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 pinpoint the most affordable premiums for your coverage needs. The average Jerry user ends up saving $887 a year on
car insurance
, so it’s definitely worth a look to cut costs while protecting your new investment! 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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