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 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.
To purchase a new car, the average credit score needed is 715 with an average auto loan rate of 5.76 percent, according to an Experian report.
As you can see, a 700 credit score puts you in the “good” or “prime” category for financing, making 700 a good credit score to buy a car. While it's always a good idea to get your credit score in its best possible shape before buying a car, if you're already around the 700 range you will be good to go.
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 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.
The recommended credit score needed to buy a car is 660 and above. This will typically guarantee interest rates under 6%.
The amount of money that you can borrow with a 700 credit score will depend on the lender and the type of loan that you are applying for. However, you can expect to be approved for a loan of up to $100,000 with a good interest rate.
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.
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.
A 715 credit score is considered a good credit score by many lenders. “Good” score range identified based on 2021 Credit Karma data. With good credit scores, you might be more likely to qualify for mortgages and auto loans with lower interest rates and better terms.
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.
With a score of 740 to 749, you are in the second-best credit score range for auto loans and you will pay relatively low interest rates. If your score is between 740 and 749, it's worth spending some time building up your credit in order to move into a “superprime” range.
As 730 is a good credit score, you should not be limited in your loan options. You'll likely easily qualify for most credit cards, personal loans, auto loans, lines of credit and more. Since you're not in the top range of credit scores, you'll still always want to review your loan terms.
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.
“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.
To a mortgage lender, FICO scores of 670 and above are considered 'good. ' Although the best interest rates typically go to borrowers with credit scores of 720 or higher.
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.
A 720 is a good score, but you might save money if you improve your credit before you apply for a car loan. If you're shopping for a car loan with a credit score of 720 or higher, you're in a strong position. A 720 credit score is considered good by just about every lender.
According to experts, a car payment is too high if the car payment is more than 30% of your total income. Remember, the car payment isn't your only car expense! Make sure to consider fuel and maintenance expenses. Make sure your car payment does not exceed 15%-20% of your total income.
For best results, you should aim for at least a FICO score of 660 before applying for a new car loan.
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.
726 credit score car loan options
A 726 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.