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Is a 693 credit score good for a car loan?
Can I get a good car loan if my credit score is 693, or do I need to raise it to 700? I hate taking the bus to work, but I don’t want to put myself into a ton of debt by getting a car with a low credit score.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Fortunately, a 683 credit score is considered Good, meaning it’s very likely that you’ll qualify for a decent
APR
on a car loan.The average interest rate for borrowers with a 693 credit score is eight to 12%, depending on the car, lender, terms, and downpayment that you choose. If you’d like to shoot for a lower interest rate, you can try:
- Putting a large amount down.
- Borrowing from a credit union.
- Opting for a shorter repayment period.
If you’d like to find the best rates on your car insurance too, check out the
Jerry
app, where you can see a list of car insurance quotes that work for you in minutes. The average user saves $887 per year.View full answer
- Gregory R.
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