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Should I wait until my credit score hits 700 before financing a vehicle?
"I have a credit score around 675, but it's been rising consistently as I pay off old debt.
I want to get a car, and I was wondering if I should just wait until my credit score hits 700. Is this a savvy move?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“With a score of 675, you should be able to get a car loan with an interest rate under 10%. While a 700 score might help lower your interest rate, it won’t be by that much.
If you have time to wait to get a car, then applying once you have a higher credit score is a smart move. But if you need a vehicle now, you shouldn’t worry about your current credit score.”
View full answer
- Gregory R.
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