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.
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.
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.
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 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.
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.
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.
A 725 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.
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.
The recommended credit score needed to buy a car is 660 and above. This will typically guarantee interest rates under 6%.
A 700 credit score meets the minimum requirements for most mortgage lenders, so it's possible to purchase a house when you're in that range. However, lenders look at more than just your credit score to determine your eligibility, so having a 700 credit score won't guarantee approval.
A 710 credit score is considered a good credit score by many lenders. Percentage of generation with 700–749 credit scores. Generation.
A credit score of 566-603 is considered fair. A credit score of 604-627 is good. A score of 628-710 is considered excellent (reference: https://www.finder.com/uk/transunion). Equifax scores range from 0-700.
For best results, you should aim for at least a FICO score of 660 before applying for a new car loan.
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.
708 credit score car loan options
A 708 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.
A 729 FICO® Score is considered “Good”. Mortgage, auto, and personal loans are relatively easy to get with a 729 Credit Score. Lenders like to do business with borrowers that have Good credit because it's less risky. It gets even better.
Subprime borrowers don't get access to the same kind of deals that superprime borrowers often get. For the best, or superprime, rate, you will need what's considered excellent credit, but you don't need a perfect score: According to FICO, you'll typically qualify for the super-prime rate with an auto loan score of 720.
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. Yours is well over that (and very impressive!) so you should have no problem.
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!
According to Credit Karma, a 730 credit score is considered good. Although it's not in the top tier, it's definitely strong enough to garner consideration for a car loan at a good interest rate.
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.
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 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.