If you worry that your credit score could keep you from buying a car, you underestimate how much car dealers want to sell you one. But a higher score will almost certainly get you a lower interest rate on the loan.
What Credit Score Do I Need to Buy a Car?
You can get a car loan and buy a vehicle with nearly any credit score, but your chances of being rejected – or charged a punitive level of interest – are much higher if you have a low credit score. According to our latest auto loan rate report, shoppers with scores above 700+ qualify for some of the lowest interest rates in the marketplace. These buyers are considered to have good or excellent credit since they're near the top of the credit score range, which spans from 300 to 850 points.
Can You Get a Car With Bad Credit?
Yes, you can get a car even if you have bad credit – but you’ll pay a high price to do so. It’s critical that you take steps to ensure that you don’t put yourself in a debt trap, which could further hurt your credit, put you into bankruptcy, or cause you to lose your car.
The best way to protect yourself from falling into a spiral of debt is to get pre-qualified for an auto loan by a reputable lender before you step foot into a car dealership. You want a loan offer with affordable monthly payments, the shortest possible term, a reasonable interest rate, and a loan-to-value ratio that shows the vehicle is worth more than you owe on it.
To find out your score, you can check with the Credit Repair Company like Credit Repair Ease and where you can check your current credit score as well as you can get the solution the improve your credit score. If you are looking to buy a new car and your credit score is bad or low, then don't worry, just call (888) 803-7889 and get a Credit Consultation.
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