What Credit Score is Needed to Finance a Car?

Credit Score

Many Las Vegas car shoppers stress over what credit score is needed to finance a car. We understand, after all, your credit score can affect your APR or even whether or not you meet the qualifications for an auto loan. With that said, there are important factors to consider when it comes to what you will need in order to get financing.

Average Credit Score to Finance a Car

During the third quarter of 2016, the average credit score required in order to get approved for an auto loan on a new vehicle was 714, 655 for a used car. However, many drivers were able to obtain a loan with both higher and lower credit scores. Just remember, the higher your credit score, the lower the interest rate you can get. Below are the categories that credit scores are separated into:

  • Superprime: 781 to 850
  • Prime: 661 to 780
  • Nonprime: 601 to 660
  • Subprime: 501 to 600
  • Deep Subprime: 300 to 500

How to Get Car Financing With Bad Credit

Don’t worry too much! Even for those with bad credit, car finance loans are not unobtainable — never assume that financing is out of your league. Any Boulder City-area car buyers concerned can take a few smart steps to make getting car financing with bad credit around Las Vegas a little easier:

  • Focus on Positives: People with bad credit can often get a car finance loan by demonstrating positive financial actions. If your poor credit score comes from a business debt but you’ve never missed a car payment, lenders may be more lenient.
  • Bring Proof: You’re might be able to get financing if you can show pay stubs, proof of address, cell phone bills, auto insurance documents, and proof that you’re currently working.
  • Show Collateral: If you own a home or are able to put down a substantial down payment (at least 25%), you’re far more likely to qualify for auto financing and get a good interest rate.

Learn More About Financing at Findlay Toyota

At Findlay Toyota, we’re always here to help drivers around Pahrump get the new or used vehicle they need with financing that fits within their budget. Use our payment calculator to estimate your costs, apply for financing online, or learn about liability insurance coverage. Even with bad credit, car finance offers can be within reach. Learn how to refinance a car loan and answer all of your car-buying questions when you visit Findlay Toyota.