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What kind of car loan can I get with a 620 credit score?
I want to buy a car I can’t afford outright, so I’ll need to take out an auto loan. My credit score is 620, but I’m not sure what that means. What can I expect out of a car loan if my credit score is 620?
Maxine Boyko · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
For a credit score of 620, you can expect to pay an average APR of around 6% on a new car and about 10% on a used car.
With a credit score of 620, you fall into the fair credit range. While it’s better than having bad credit, it could cost you thousands of dollars more than having a good credit score when it comes to getting a car loan.
Interest rates vary based on your credit score and the lower the score, the higher the average interest rate. This means the total cost of the loan will be more expensive.
Lenders also take other aspects of your financial history and demographics into account when determining your loan rate and payment terms. If you’re worried about getting approved for an auto loan, just remember that plenty of people with poor to fair credit regularly receive car loans. Good luck!
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