Best Credit Score to Finance a Car

July 5th, 2022 by
Car key & credit card on a signed contract

When you have bad credit, the car finance process may seem intimidating. While most guides are written for those with great credit, the team at Suntrup Automotive Group can work with you – even if your credit score is less than ideal. What’s the best credit score to finance a car? Find out what lenders are looking for during the application process in St. Louis and St. Louis, and learn more auto finance tips at Suntrup Automotive Group!

Average Credit Score to Finance a Car

In 2020, the average credit score to finance a car was 721 for a new car and 657 for a used car. However, keep in mind that these figures are just averages. That means that many people had higher scores, but many also had lower credit scores – or even no credit at all! What if you don’t know where your score falls at all? Take a look at this breakdown of the different categories:

  • Superprime: 781 to 850
  • Prime: 661 to 780
  • Non-prime: 601 to 660
  • Subprime: 501 to 600
  • Deep Subprime: 300 to 500

Dealing with Bad Credit in Car Finance

If you’ve found yourself with bad credit, the car finance process might be a little trickier. But, it’s absolutely possible to still get a great deal on your next car in St. Charles or Fenton. You’ll simply need to do some extra research to put yourself in the best position possible. Here are some of our top tips:

  • Improvements: Have you taken the steps to make more positive financial actions? Maybe your bad credit is due to business debt rather than personal spending, or maybe you haven’t missed a payment all year. Focus on the positives!
  • Proof: We recommend bringing in pay stubs, proof of address, cell phone bills, auto insurance documents, and proof that you’re currently working. This type of documentation can highlight your financial responsibility and your ability to pay off a future loan.
  • Collateral: If you can sweeten the deal with a higher down payment, you can often get a better interest rate. However, only do this if you are financially able.

Learn More With Suntrup Automotive Group

We’ve gone through the basics of how credit scores and car financing work together, but how do these factors affect you personally? The team at Suntrup Automotive Group can give you personalized recommendations based on your particular financial situation, so don’t hesitate to contact us. You can also apply for financing online to get the ball rolling from home!

 

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