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What credit score do I need to qualify for a car loan?
I want to get a car loan, but I'm not certain if my 615 credit score is good enough to get the job done. Is this good enough to qualify?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If you want to get a
car loan
with a decent interest rate, you need to get in the prime range of credit scores, which goes from 661 to 780. However, this doesn’t mean that you’re disqualified from a loan; it simply means you’re going to have to pay a higher interest rate and work a bit harder to find a willing lender.With a 615 credit score, you fall in the subprime range, which lies between 600 and 660. That means that you’re going to pay higher interest rates than some other buyers. The average interest rates for car loans in this range are 7.14% for new cars and 11.41% for used cars.
Because of these high rates, some experts will say that you should work on building your credit instead of taking on more debt through the car loan. However, if you can make a
down payment
of around 20%, have a steady income, and a good debt-to-income ratio, you may be able to comfortably take on a car loan. After paying for the loan, you can always refinance once you build some credit.Don’t forget to budget for your other expenses of car ownership, like gas, maintenance, and car insurance. It’s easy to find the best deals with the number-one-rated car insurance app,
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