What is a Good Credit Score Range?

Posted: Tuesday, January 15th, 2019

When shopping for a new vehicle, most drivers have to turn to automotive financing. Having a good credit score can help you secure a loan with an affordable rate that ensures your monthly payments are as low as possible. This leaves many St. Louis car shoppers wondering, “What is a good credit score range?” Learn more about credit score ranges and then contact the finance center at Green Light Auto Credit if you have any questions.

Multiple Credit Score Ranges

Many consumers out there may not realize that there are actually several credit scores out. You can find scores from VantageScore, FICO®, and even industry-specific scores. While this might seem overwhelming, the FICO® score is widely used and a great place to start when looking for information.
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FICO® Credit Score

FICO® credit scores are measured in a range from 300 to 850, with 300 being on the low end and 850 being the cream of the crop:

  • Very Poor: Ranges from 300 to 579. Applicants in this category may be denied for a loan or required to pay a larger down payment or charged a higher interest rate.
  • Fair: Ranges from 580 to 669. Applicants might still be denied or charged a higher interest rate or a larger down payment.
  • Good: Ranges from 670 to 739. The average credit score for car financing falls in this range, meaning most applicants will be approved and receive a decent interest rate.
  • Very Good: Ranges from 740 to 799. Better than average rates become available for applicants at this level.
  • Exceptional: Ranges from 800 to 850. These applicants top the list for the best rates from lenders.

While this is one of the most common ranges used, they do vary. If you wondering what the lowest good credit score is, the general rule is between 670-700 depending on the credit score scale you are looking at.

Get Financing Help at Green Light Auto Credit

Even if you aren’t in the good credit score range, that doesn’t mean you’re out of options. Green Light Auto Credit has partnered with over twenty lenders around Herculaneum, Florissant, and nationwide to bring financing options to applicants with no credit or bad credit, as well as great credit. Apply online today for fast approval!

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