Do you need a 700 credit score to get a car loan or will I be able to get one with a score of 684? I want to buy my first car and I don’t know if my credit is good enough.
Reviewed by Shannon Martin, Licensed Insurance Agent.
You don’t need a 700 credit score in order to get a car loan! In fact, both a 684 credit score and a 700 credit score are in the Good range, meaning they’ll qualify for similar rates on most car loans.
If you would like to raise your credit score, however, doing so will certainly affect your insurance rates! You’ll typically get a significantly lower rate for a credit score of 740 or higher. Other things that you can do to score a lower interest rate on your loan include:
Making a large downpayment
Opting for a shorter repayment period (if doing so doesn’t put you under any financial strain)
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