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Will a small drop in credit score affect your APR when applying for a car loan?
Typically, my credit score hovers around 770, but due to higher credit card utilization, it fell to 755. Will this small drop in credit affect my APR on a potential car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“With such a minor drop, chances are that this change in your credit score will not affect the APR you’re offered. Being in the 740 to 799 range puts you in the “”very good”” category.
While you might get an even better rate with a credit score of 800 or more, your current score will get you a great rate in all likelihood. Just make sure to shop around to get the best deal possible.”
View full answer
- Gregory R.
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