Is 650 a Good Credit Score for a Car Loan?
If you’re getting ready to start the car financing process, you might wonder, “Is 650 a good credit score for a car loan?” The answer isn’t a simple yes or no. Depending on your lender, a 650 might be considered “Good” or just “Fair” – which can affect just how smoothly your auto financing process goes. Find out the key factors that influence your car loan success, and see how Green Light Auto Credit can help you find the financing you need in the St. Louis area, even if your score falls below 650.
Credit Score Basics
The old saying is true: the higher your credit score, the lower your car payments. But, just how does that break down for the average driver? A good credit score is generally considered in the 700 or 800 range. A high credit score implies a responsible driver with a history of making payments on time. However, not every driver has perfect credit. FICO® Scores are used by a wide variety of lenders to evaluate your credit rating. Take a look at the ranges below:
- Exceptional: 800 – 850
- Very Good: 740 – 799
- Good: 670 – 739
- Fair: 580 – 669
- Very Poor: 300 – 579
So, how good is a 650 credit score? Although it’s more favorable than a 630 credit score, it falls into the “Fair” category of FICO® scores.
Auto Financing 101
How can you translate your credit score into a great deal? It’s important to do the right research to get the best results:
- Debts: Do you have any outstanding debts that you can pay off? This can have a big impact on your credit score.
- Collateral: A larger down payment may help improve your chances of getting a great car loan, as well as getting a co-signer with a higher credit score.
- Lender: Every lender has their own criteria, so shop around. Green Light Auto Credit’s ideal credit range is around 600, so 650 is considered a great score when working with us. Conversely, some banks in Herculaneum and Florissant may have more restrictive criteria.
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