Ofcourse, a credit score of 750 is regarded as good, and you can be eligible for a car loan with a favourable interest rate. But, since lenders also take into account things like income, debt-to-income ratios, and credit histories, a higher score might be necessary to get an approval.
Typical Credit Score Requirements
Excellent (750-850): Most likely to qualify for 0% APR. Good (700-749): Possible qualification, but not guaranteed. Fair (650-699): Unlikely to secure 0% APR deals.
Nearly half of Americans score between 750 and 850, in the very good to exceptional range, while less than 25% of Americans have a score between 300 and 649, the poor to fair credit score range.
The term "good APR" can vary based on several factors, including your credit score, the type of car you're financing (new or used), and the loan term. Generally, a good APR for a car loan might look something like this: Excellent Credit (750+): 3% or lower for new cars, 4% or lower for used cars.
You can borrow $50,000 - $100,000+ with a 750 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
In 2024, a good credit score to buy a car typically falls within the range of 700 to 749.
Car Loan APRs by Credit Score
Excellent (750 - 850): 2.96 percent for new, 3.68 percent for used. Good (700 - 749): 4.03 percent for new, 5.53 percent for used. Fair (650 - 699): 6.75 percent for new, 10.33 percent for used. Poor (450 - 649): 12.84 percent for new, 20.43 percent for used.
A 750 credit score is Very Good, but it can be even better. If you can elevate your score into the Exceptional range (800-850), you could become eligible for the very best lending terms, including the lowest interest rates and fees, and the most enticing credit-card rewards programs.
How much is 26.99 APR on $3,000? An APR of 26.99% on a $3,000 balance would cost $67.26 in monthly interest charges.
The average interest rate for new car loans with a 750 credit score is 6.87%. Used car loans carry an average interest rate of 9.36% for those with a 750 credit score. A 750 credit score qualifies borrowers for better-than-average lending terms.
There is no minimum credit score required to buy a car, but most lenders have minimum requirements for financing. Most borrowers need a FICO score of at least 600 to get a competitive rate on an auto loan.
For a score with a range of 300 to 850, a credit score of 670 to 739 is considered good. Credit scores of 740 and above are very good while 800 and higher are excellent. For credit scores that range from 300 to 850, a credit score in the mid to high 600s or above is generally considered good.
Yes, just like the price of the vehicle, the interest rate is negotiable. Dealers might not offer you the lowest rate that you qualify for. To get the best interest rate, shop around with multiple lenders and negotiate.
Every lender sets its own requirements for zero-down-payment deals, if they offer them at all. Generally, the credit score needed to buy a car is at least 661 whether you make a down payment or not. You could still get a car loan if your score is lower than 661, but be prepared to pay higher interest rates.
740-799: Very Good
This score range indicates positive credit behavior. Borrowers in this category will likely have no difficulty getting approved for a loan.
exceedingly rare for anyone to have a credit score over 900, as most credit scoring models have a maximum limit of 850, and even achieving that score is uncommon.
580 to 669: fair. 670 to 739: good. 740 to 799: very good. 800 and above: exceptional.