A 710 FICO® Score is considered “Good”. Mortgage, auto, and personal loans are relatively easy to get with a 710 Credit Score. Lenders like to do business with borrowers that have Good credit because it's less risky.
You're in luck! A 710 credit rating is considered “Good.” That means you are likely to have more success finding a great deal. Let's go through the basics of auto financing and credit scores, so you can start the shopping process with total confidence.
Technically, a 710 credit score is high enough to qualify for a home loan.
A 715 score puts you in the "prime" category, according to Experian, which collects data about auto financing in its State of the Automotive Finance Market report. This means you would have been likely to receive an auto loan interest rate of 3.51% for a new car and 5.38% for a used car for the fourth quarter of 2021.
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.
According to Experion, having a 705 credit score is considered a good score. A 705 credit score is typically good enough for people to qualify for decent interest rates on loans, home mortgages, and car loans.
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.
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.
A 715 credit score is considered "good," according to FICO. This means you have more auto loan options and can expect interest rates between 4.68%-6.04%.
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.
There is no set minimum FICO® Score to get a car loan. However, a good score at 720 or better will get you the best rate. Consider spending some time improving your credit score before shopping for your next car.
You will likely need a credit score of at least 660 for a $20,000 personal loan. Most lenders that offer personal loans of $20,000 or more require fair credit or better for approval, along with enough income to afford the monthly payments.
A 710 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.
The recommended credit score needed to buy a car is 660 and above. This will typically guarantee interest rates under 6%.
For the borrower with a 620 credit score, this might equate to an interest rate of say 4.5% on a 30-year fixed mortgage, while the borrower with a 740 score receives a much lower rate of 3.75%.
A FICO® Score of 725 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.
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.
700 is a good credit score to buy a car because it proves you are a responsible borrower with a credit history in the prime range. Even if your score is under 700 there are still ways to obtain affordable financing, especially at Green Light Auto Credit!
A 720 credit score is definitely good enough to get a car loan. Most lenders require a minimum credit score of 661 to get approved.
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.
Borrowers with a 705 credit score can generally expect to get an annual percentage rate of 3.51% for a new-car loan and 5.38% on a used-car loan, according to the most recent data from Experian. So while a 705 score won't be a barrier to getting a car loan, you likely won't get the lowest rates.
And if you're hoping to score a 0% APR car loan, you'll likely need a very good or exceptional FICO® Score☉ , which means a score of 740 or above. Before you start shopping for a new vehicle, take some time to check your credit score to see where you stand.
A 713 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.
712 credit score car loan options
A 712 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.