Your FICO® Score falls within a range, from 740 to 799, that may be considered Very Good. A 790 FICO® Score is above the average credit score. Borrowers with scores in the Very Good range typically qualify for lenders' better interest rates and product offers.
Although you think you might think your credit is bad, your 667 score actually puts you in the prime category, which means you're probably eligible for a $20,000 car loan with a decent rate! With a 667 score, you're not in the top tier, which ranges from 781 to 850, but you're still in the prime level.
A 700 credit score puts you firmly in the prime range of credit scores, meaning you can get a competitive rate as long as you shop around, have good income, and have a solid debt-to-income ratio. A 700 credit score gets an average car loan interest rate of 3% to 6% for new cars and 5% to 9% for used cars.
You can almost definitely get a car loan with a 780 credit score, provided you have a low debt-to-income ratio and enough income to pay your monthly car note. A 780 credit score puts you in the superprime range of borrowers. In this range, you qualify for the best rates possible.
The recommended credit score needed to buy a car is 660 and above. This will typically guarantee interest rates under 6%.
For best results, you should aim for at least a FICO score of 660 before applying for a new car loan.
790 credit score car loan options
With a credit score of 790, you'll receive—on average—an interest rate of 3.65 percent for a new vehicle and 4.29 percent for a used vehicle. This is very different from the rates you might get if you had a much lower credit score.
For example, while a lender may permit you to borrow up to 95% of the property value if you have a 750 credit score, they may restrict you to no more than 80% of the property value if your credit score is 650.
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.
A 716 FICO® Score is considered “Good”. Mortgage, auto, and personal loans are relatively easy to get with a 716 Credit Score. Lenders like to do business with borrowers that have Good credit because it's less risky. It gets even better.
FICO Auto Score has several versions. Most auto lenders use FICO Auto Score 8, as the most widespread, or FICO Auto Score 9. It's the most recent and used by all three bureaus. FICO Auto Score ranges from 250 to 900, meaning your FICO score will differ from your FICO Auto Score.
Good Credit Score Range For Auto Loans
If you're shooting for the lowest possible APR on your auto loan your Auto credit score should be above 740.
The best personal loans for a 790 credit score are from SoFi, LightStream and Discover. Since a credit score of 790 is in the excellent credit range, people with this score should have great odds of qualifying for nearly any personal loan on the market, including those with a low APR and no origination fee.
Mortgage, auto, and personal loans are easy to get with a 780 Credit Score. Lenders like to do business with borrowers that have Very Good credit because it's less risky.
About 21.8% of America has a credit score higher than 800 points. If you have a credit score of 800, it likely means that you manage debt well and never miss a loan payment. This makes you an ideal borrower and gives you access to more offers and lower interest rates.
If you have a credit score above 750, you can probably qualify for the best rates available and negotiate an excellent deal on your car. If your credit score is lower, see if you can give it a boost before you apply for a loan.
A 716 FICO® Score is Good, but by raising your score into the Very Good range, you could qualify for lower interest rates and better borrowing terms. A great way to get started is to get your free credit report from Experian and check your credit score to find out the specific factors that impact your score the most.
Your score falls within the range of scores, from 740 to 799, that is considered Very Good. A 770 FICO® Score is above the average credit score. Consumers in this range may qualify for better interest rates from lenders. 25% of all consumers have FICO® Scores in the Very Good range.
A high APR (“annual percentage rate”) car loan is one that charges higher-than-average interest rates. The legal limit for car loans is around 16% APR, but you will find lenders that get away with charging rates of 25% or more.
“A typical down payment is usually between 10% and 20% of the total price. On a $12,000 car loan, that would be between $1,200 and $2,400. When it comes to the down payment, the more you put down, the better off you will be in the long run because this reduces the amount you will pay for the car in the end.
A 715 FICO® Score is considered “Good”. Mortgage, auto, and personal loans are relatively easy to get with a 715 Credit Score. Lenders like to do business with borrowers that have Good credit because it's less risky.
Not only might you need to have a decent-to-good credit score to secure a no-money-down loan, but having a good credit score (at least 680 points) is also the best way to prevent a lender from increasing the interest rate they would've given you on a conventional loan.
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.