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Is a 694 credit score okay for a car loan?
Will I still qualify for a car loan if my credit score is below 700? I really need a new car, but I won’t be able to buy one outright. I’m a little nervous that I won’t qualify for a car loan with a good interest rate unless I raise my credit score above 694.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You’re in luck! A 694 credit score is considered good, meaning you’ll qualify for a car loan with most lenders. On average, borrowers with a 694 credit score will be offered an interest rate of 3.64% to 5.35%, although interest rates can be affected by other things as well.
Some of the main factors that can affect your interest rate include:
- The repayment period that you choose. Opting for a shorter repayment period will typically get you a lower interest rate.
- Your downpayment. If you’re able to put a lot of money down, you’ll usually be offered a lower interest rate.
- The lender that you choose. Some lenders, likecredit unions, are known for offering better rates on car loans.
Remember that you’ll also have to make a car insurance payment each month. If you’d like to find a good rate on that bill, too, check out
Jerry
. On this free app, you can see a list of car insurance quotes that work for you. The average user saves $887 per year.View full answer
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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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