What Credit Score is Needed to Finance a Car?

Closeup of man signing a contract of car sale.

While shopping for a new car, you might wonder, “what credit score is needed to finance a car?” Keeping your score in mind as you shop for cars in Williston is always a good idea. To find out yours, credit score estimates are available online. Credit scores are one of the most important factors in obtaining a finance deal, but they aren’t deal-breakers. Drivers with bad credit can still find car financing. Ryan Chevrolet in Minot created this breakdown on the credit scores to finance a car below.

Average Credit Score to Finance a Car

Typically, the higher your credit score is, the lower your payments will be. The average credit score to finance a car is 722, while the median credit score for used car buyers hovers around 655. Lenders usually make their decision based on FICO or VantageScore rating systems; it is always beneficial to work on improving your credit score.

  • Super Prime — 901 to 990
  • Prime Plus — 801 to 900
  • Prime — 701 to 800
  • Non Prime — 601 to 700
  • High Risk — 501 to 600
  • Bad — 300 to 500

What are Your Bad Credit Car Finance Options?

Even with bad credit, car finance options are available to New Town prospective car buyers. But they depend on these factors:

  • Debt levels, like credit cards and loans, have been paid off, or lowered
  • Payments towards debts and bills are always on-time
  • Demonstrate positive financial actions – savings accounts or IRA

Other ways to improve your bad credit score for car financing are:

  • Demonstrate improvement: Outstanding debts are often due to hospital bills, business debts, and student loans as opposed to reckless spending. Lenders may understand that our credit score doesn’t reflect your financial situation
  • Bring proof: Bring pay stubs, proof of address, car insurance, and cell phone bills
  • Bring collateral: Being a homeowner or having a down payment of at least 25%, lenders are more likely to decide you’re a qualified buyer.

Explore Bad Credit Car Financing Options With Ryan Chevrolet

Now that you know what credit score is needed to finance a car,  learn about extended warranties and speak with the finance team at Ryan Chevrolet to discuss financing your next new or pre-owned vehicle near Bismarck! We can also help you research other finance & insurance-related topics, like what comprehensive insurance covers or what GAP protection covers!

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