Can I get a car loan with a 682 credit score?

Asked by: Trinity Murphy  |  Last update: September 15, 2023
Score: 4.8/5 (18 votes)

A 682 score should easily secure you a car loan. On average, your score should get you an interest rate between 3.6- 4.6 and between – and 6 percent on a used car. Scores above 720 are more likely to net you the lower percentage rates.

Is credit score of 682 considered good?

A FICO® Score of 682 falls within a span of scores, from 670 to 739, that are categorized as Good. The average U.S. FICO® Score, 711, falls within the Good range.

Will a 680 credit score get me a car loan?

The good news is that getting a car loan with a 680 credit score should be no problem. In general, standard lenders prefer applicants to have a credit score of at least 661, so having a credit score of 680 puts you in a favorable position.

What kind of auto loan interest rate can I get with a 680 credit score?

Getting a Lower Interest Rate on Auto Loans

These are interest rates you can expect to be with credit scores: 680 and below: 6.5% – 12.9% (on average) 739 – 680: 4.5% interest rate (on average)

Is 628 a good credit score for a car loan?

A 628 FICO® Score is considered “Fair”. Mortgage, auto, and personal loans are somewhat difficult to get with a 628 Credit Score. Lenders normally don't do business with borrowers that have fair credit because it's too risky.

How a Car Loan Affects Credit Score - Auto loans raise or lower scores? How fast? How many points?

28 related questions found

Can I buy a new car with a 620 credit score?

A: It's entirely possible to apply successfully for an auto loan with only a 620 credit score. Consider this information which comes straight from Experian: In fact, Experian also stated that vehicle loans for customers having credit scores under 620 accounted for 20% of all auto loans during 2019!

How much of a car loan can I get with a 620 credit score?

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.

What credit score is needed for a 2021 car?

The recommended credit score needed to buy a car is 660 and above. This will typically guarantee interest rates under 6%.

What is a decent credit score to buy a car?

In general, lenders look for borrowers in the prime range or better, so you will need a score of 661 or higher to qualify for most conventional car loans.

What credit score do car dealers use?

Auto dealerships use the FICO credit bureau, which stands for Fair Isaac Corporation. They also use the FICO Auto Credit Score, which has a range of 250 to 900. This may mean that an auto dealer has a different credit score for you than the one you see on your personal credit report.

How much of a car loan can I get with a 670 credit score?

With a 670 credit score, the FICO Loan Calculator now estimates that you might qualify for an APR around 7.89%. Based on that rate, your monthly payment on the same $38,000 auto loan would be $768.

What auto loan rate can I get with a 650 credit score?

With a credit score of 650-659, you should qualify for a subprime APR rate, which will be higher than someone with a 700 or 800 credit score. The average rate for a used car loan in the 650 to 659 credit score range is 10.48% (47% higher than the average rate for a new car).

Is a credit score of 650 good enough to buy a car?

You will likely need a credit score of 500 or above to qualify for an auto loan. A credit score range of 780 or better typically gets you the best rates.

Can I get a personal loan with a 682 credit score?

The minimum credit score for a personal loan is 600, typically, although each lender has different eligibility requirements. Borrowers with good credit scores of 670 or higher have a better chance at loan eligibility, while those with bad or fair credit may not qualify for a personal loan at all.

Is Creditkarma accurate?

The credit scores and reports you see on Credit Karma should accurately reflect your credit information as reported by those bureaus. This means a couple of things: The scores we provide are actual credit scores pulled from two of the major consumer credit bureaus, not just estimates of your credit rating.

Can I get a home loan with 682 credit score?

A 682 FICO® Score is considered “Good”. Mortgage, auto, and personal loans are relatively easy to get with a 682 Credit Score. Lenders like to do business with borrowers that have Good credit because it's less risky.

What credit score is needed for a 2022 car?

For best results, you should aim for at least a FICO score of 660 before applying for a new car loan.

What kind of car loan can I get with a 600 credit score?

Whether your credit score is 600 or 800, you will need to provide your lender with some documentation proving your ability to repay your loan. This includes: Proof of employment via a pay stub - you generally need to make at least $1,500 per month to qualify for an auto loan.

What credit score is needed to buy a car without a cosigner?

Although a 650 credit score is desirable for any loan, first time car loans may require a score of 680 or higher to waive any co-signer requirements.

What interest rate can I get on a car loan with a 630 credit score?

630 credit score car loan options

A score of 630 may get you an interest rate of between 11.92 percent and 4.68 percent on a new car loan.

Do car dealerships use Equifax or TransUnion?

While Experian and Equifax are the most popular bureaus among auto lenders and car dealers, TransUnion can also be used for auto loan decisions. And the truth is, the credit bureau lenders use when evaluating your auto loan application probably will not influence their decision too much.

What is considered a high car payment?

According to experts, a car payment is too high if the car payment is more than 30% of your total income. Remember, the car payment isn't your only car expense! Make sure to consider fuel and maintenance expenses. Make sure your car payment does not exceed 15%-20% of your total income.

Is 640 credit score good for a car loan?

Answer provided by. While your friend is right that your credit score is considered fair, that doesn't mean securing an auto loan is impossible! With a 640 credit score, a new car loan interest rate hovers around 6.5% and a used car loan sits at about 10.5%. A credit score of 640 is below the national average of 710.

Can I buy a car with a 625 credit score?

According to credit reporting agency Experian, more than 21% of auto loans in the fourth quarter of 2018 were extended to borrowers with subprime (501-600) or deep subprime (500 or below) credit scores. So, the answer is yes, you can buy a car with that credit score.

How much car loan can I get on 40000 salary?

It is advised to customers that they restrict their car loans to not more than 20 percent of their monthly income. For example, if you make Rs. 40,000 per month, your monthly car loan EMI should not exceed Rs. 8,000.