A 639 FICO® Score is considered “Fair”. Mortgage, auto, and personal loans are somewhat difficult to get with a 639 Credit Score. Lenders normally don't do business with borrowers that have fair credit because it's too risky.
Interest rates differ based on your credit score, so knowing what to expect on average can help you budget for your car. A target credit score of 661 or above should get you a new-car loan with an annual percentage rate of around 3.64% or better, or a used-car loan around 5.35%.
If you have a credit score in the 630 to 639 range, congratulations! Your score is considered 'Fair' credit and you will have multiple auto loan options to choose from. Your auto loan options and the monthly payment could differ greatly based on whether you use a bank, credit union, or an online Lender.
There is no set credit score you need to get an auto loan. If you have a credit score above 660, you will likely qualify for an auto loan at a rate below 10% APR. If you have bad credit or no credit, you could still qualify for a car loan, but you should expect to pay more.
If your credit score is a 639 or higher, and you meet other requirements, you should not have any problem getting a mortgage. ... The types of programs that are available to borrowers with a 639 credit score are: conventional loans, FHA loans, VA loans, USDA loans, jumbo loans, and non-prime loans.
A good credit score to buy a car is often above 660, as you're then considered a "prime" borrower. There's no industry-wide, official minimum credit score in order to qualify for an auto loan. Generally, the higher your credit score, the better terms you're likely to get on the loan.
What Is the Minimum Score Needed 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.
Is 645 a Good Credit Score? A 645 FICO® Score is considered “Fair”. Mortgage, auto, and personal loans are somewhat difficult to get with a 645 Credit Score. Lenders normally don't do business with borrowers that have fair credit because it's too risky.
The recommended credit score needed to buy a car is 660 and above. This will typically guarantee interest rates under 6%.
Generally speaking, banks require a minimum credit score of 600 to give an auto loan without any down payment. However, you CAN buy a car with a score of 400 or a score of 850. There are a lot of variables that weigh into determining your loan eligibility and interest rates available.
Your score falls within the range of scores, from 580 to 669, considered Fair. A 639 FICO® Score is below the average credit score. Some lenders see consumers with scores in the Fair range as having unfavorable credit, and may decline their credit applications.
Interest Rate
If you get approved for a car loan, lenders will charge you with high interest to compensate for that risk. A high credit score of 700 to 850 usually commands an APR or around 4% or lower. An average score of around 650 to 699 will likely give you 6 to 10% APR.
A 633 FICO® Score is considered “Fair”. Mortgage, auto, and personal loans are somewhat difficult to get with a 633 Credit Score. Lenders normally don't do business with borrowers that have fair credit because it's too risky.
What is the average car payment? As of 2021, the average monthly car payment in the U.S. is $575 for new vehicles and $430 for used vehicles. New cars buyers borrow an average of around $34,000, while used buyers need about $21,000.
What Credit Score Do I Need to Get a Good Deal on a Car? To get an auto loan without a high interest rate, our research shows you'll want a credit score of 700 or above on the 300- to 850-point scale. That's considered prime credit, and lenders don't have to price much risk into their rates.
You can get a car loan with a low credit score
While the exact definitions of these terms vary depending on who you ask, the Consumer Financial Protection Bureau, or CFPB, defines subprime as borrowers with credit scores of below 620 and deep subprime as borrowers with scores below 580.
Your score falls within the range of scores, from 580 to 669, considered Fair. A 640 FICO® Score is below the average credit score. Some lenders see consumers with scores in the Fair range as having unfavorable credit, and may decline their credit applications.
A 649 FICO® Score is considered “Fair”. Mortgage, auto, and personal loans are somewhat difficult to get with a 649 Credit Score. Lenders normally don't do business with borrowers that have fair credit because it's too risky. ... Loan Options: Limited.
Your score
670 and 739, you have a good rating, and as such, you are not likely to default on your finance agreement. Finance will be approved. 740 and 799, you are very good and likely to receive better than average interest rates from finance houses.
Car Loan and Credit Utilization
An auto loan will not have an affect on your credit utilization score. Credit scores are highly sensitive to your credit utilization ratio—the amount of revolving credit you're using relative to your total credit limits—and a utilization ratio over 30% can hurt your credit score.
The good news is that's it not difficult to get an auto loan even if you have poor credit. ... They offer on the lot car financing to help customers get a used vehicle that they can rely on. AutoMax offers this financing option to everyone, but they specialize in helping people with poor credit.
Each model only looks at the information in one of your credit reports from Experian, Equifax or TransUnion to determine your score. A higher score is best because it indicates you are less likely to miss a loan payment. The latest base models also have the same scoring range: 300 to 850.
Some dealers rely on the fact that many car shoppers don't know their own credit score. ... All it takes is for the dealer to lie to you about your credit score. After they do a credit check, they don't have to reveal what your score is, they can just tell you that you won't qualify for competitive financing rates.
510 Credit Score Loan & Credit Card Options
Credit cards and auto loans offer the best approval odds for someone with a 510 credit score. For example, people with credit scores below 580 take out roughly 12% of car loans versus only 6% of mortgages, according to 2017 Equifax data.