St. Louis drivers looking for low or bad credit car finance options will find there are a number of options available, even for first-time buyers. Of course, knowing your credit score and what constitutes a good credit score will go a long way toward understanding what your expected monthly budget and costs will be as you shop around St. Charles. So, what credit score is needed to finance a car? For many, the credit score to finance a car depends on a range of factors beyond credit history, which means drivers with no credit or less-than-perfect credit can still find car financing. Learn more with the Green Light Auto Credit specialists below.
Conventional wisdom says the higher credit score you have, the lower payments you will need to make. But what credit score is needed to finance a car? Average credit scores for new buyers is usually around 722. The median credit score for used car buyers, however, is much lower and hovers around 655, so if you’re working with a score of 650, pre-owned could be the way to go. Most dealership lenders decide the credit score to finance a car with them based on FICO or VantageScore. The ranges of Super Prime to Bad credit scores are listed here:
Because there is no one baseline credit score to finance a car, there are a number of ways to improve on your credit history or work around a lower credit score:
Unsure what credit score is needed to finance a car or if your financial situation puts you in a tighter spot for financing? Get in touch with our finance specialists online to learn more about your options around Florissant today!