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What Credit Score is Needed to Finance a Car?

signing credit paperwork

When you’re new car shopping, it’s important to keep your credit score in mind. After all, it’s one of the most important parts of working out your lease or finance deal. Are you wondering, “what credit score is needed to finance a car?” If so, our team will help you learn how we can get you behind the wheel on the streets of Wallingford today with your credit score.

Average Credit Score to Finance a Car

In general, the higher your credit score, the lower your payments will be. An average new car buyer has a credit score of around 722, while used car buyers average around 655. If your score is lower, remember that these are averages and that drivers with lower scores have secured great loans on their vehicles. If you’re currently working on improving your score, keep in mind that lenders will make their decision based on either FICO or VantageScore rating systems:

  • 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

How to Get Car Financing With Bad Credit

Even if you have bad credit, car financing may be possible if:

  • You’ve reduced debt levels over the past few years.
  • You’ve made on-time payments toward debts and bills.
  • You can demonstrate positive financial actions.

Of course, there are ways to improve your position if you’re worried about securing credit when you apply for financing:

  • Demonstrate improvement. Many large outstanding debts are due to hospital bills, business debts, and student loans. If that’s the case for you, lenders may understand that these debts may mean that your credit score doesn’t reflect your true financial stability.
  • Bring proof. Build your case with pay stubs, proof of address, cell phone bills, auto insurance documents, and proof of current employment.
  • Bring collateral. If you’re a homeowner or can come up with a down payment of at least 25%, lenders are far more likely to decide that they’re a qualified borrower. You may be surprised at the interest rates you can get as a car-buyer with bad credit!

Explore Bad Credit Car Financing Possibilities with Hamden Mazda!

Are you ready to reach out to our finance department? Contact us, and our experts at Hamden Mazda will help you take home the new Mazda you need for drives through New Haven and Ansonia. If you’re still asking, “what credit score is needed to finance a car?” Our team will steer you in the right direction! We’d also love to help you learn more about tire rotations when you’re ready to learn more.

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