Is 633 a good credit score to buy a car?

Asked by: Carmela Gaylord  |  Last update: February 9, 2022
Score: 5/5 (48 votes)

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.

Can I get a car loan with 633 credit?

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.

Is a 630 credit score good enough to buy a car?

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.

Is 633 a decent credit score?

Your score falls within the range of scores, from 580 to 669, considered Fair. A 633 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.

What is an acceptable credit score to buy a car?

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.

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33 related questions found

What is the lowest credit score to buy a car?

In general, you'll need at least prime credit, meaning a credit score of 661 or up, to get a loan at a good interest rate. If you have poorer credit, you can still get a loan, but you will probably have to pay more for it or else find a cosigner.

Is 650 a good credit score?

70% of U.S. consumers' FICO® Scores are higher than 650. What's more, your score of 650 is very close to the Good credit score range of 670-739. With some work, you may be able to reach (and even exceed) that score range, which could mean access to a greater range of credit and loans, at better interest rates.

Is 663 a good credit score?

A FICO® Score of 663 places you within a population of consumers whose credit may be seen as Fair. Your 663 FICO® Score is lower than the average U.S. credit score. ... Consumers with FICO® Scores in the good range (670-739) or higher are generally offered significantly better borrowing terms.

What kind of loan can you get with a 633 credit score?

Therefore, if you have a 633 or higher credit score, you should not be short on options. The types of programs that are available to borrowers with a 633 credit score are: conventional loans, FHA loans, VA loans, USDA loans, jumbo loans, and non-prime loans.

Is 633 a good credit score in Canada?

Although credit scoring models vary, generally, credit scores from 660 to 724 are considered good; 725 to 759 are considered very good; and 760 and up are considered excellent. ... Those with credit scores below 660 may be less likely to qualify for better loan terms.

Can I get a car loan with 638 credit score?

A 638 FICO® Score is considered “Fair”. Mortgage, auto, and personal loans are somewhat difficult to get with a 638 Credit Score. Lenders normally don't do business with borrowers that have fair credit because it's too risky.

Is 680 a good credit score to buy a car?

A credit score in the range of 680 to 689 is a solid score that will let you qualify for prime car and truck loan rates. Deciding where you will obtain your financing will play a big role in the chances of getting the best rates possible.

Can I get a car loan with 615 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.

What kind of car loan can I get with a 650 credit score?

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.

What do car dealers look for in credit?

Auto lenders most commonly use the FICO Score 8 system

High credit card usage: If you high balances on your credit cards. Isolated late payments: If you were at least 30 days late with any of your payments. Amounts owed on your credit lines. Payment history.

What credit score is needed to buy a car with no down payment?

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.

What is the average credit score?

The average credit score in the United States is 698, based on VantageScore® data from February 2021. It's a myth that you only have one credit score. In fact, you have many credit scores. It's a good idea to check your credit scores regularly.

Is 625 a good credit score UK?

A credit score of 721-880 is considered fair. A score of 881-960 is considered good. ... A credit score of 604-627 is good. A score of 628-710 is considered excellent (reference: https://www.finder.com/uk/transunion).

What is an excellent credit score?

Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.

What is a credit score of 680?

A 680 credit score is considered fair, but it is very close to good credit territory. Your credit score helps lenders determine whether you qualify for products like credit cards and loans, and what interest rate they should charge you.

Is 663 a Good credit score Australia?

In Australia, your Equifax Score will be a number between 0 and 1200. A "good" credit score is between 622 and 725, a "very good" score is between 726 and 832 and an "excellent" score falls between 833 & 1200.

Is 654 a good credit score?

A FICO® Score of 654 places you within a population of consumers whose credit may be seen as Fair. Your 654 FICO® Score is lower than the average U.S. credit score. ... Consumers with FICO® Scores in the good range (670-739) or higher are generally offered significantly better borrowing terms.

How can I raise my credit score from 650 to 700?

How To Increase Your Credit Score
  1. Check Your Credit Report. The first step you should take is to pull your credit report and check for errors. ...
  2. Make On-Time Payments. ...
  3. Pay Off Your Debts. ...
  4. Lower Your Credit Utilization Rate. ...
  5. Consolidate Your Debt. ...
  6. Become An Authorized User. ...
  7. Leave Old Accounts Open. ...
  8. Open New Account Types.

How big of a loan can I get with a 650 credit score?

With a credit score of 650, your mortgage interest rate would be approximately 3.805%, which would cost you about $203,541 in interest on a $300,000, 30-year loan. If you could increase your credit score by even 30 points, you stand to save over $25,000.