What Credit Score is Needed to Finance a Car?

Car key & credit card on a signed contract

From searching for a model that keeps up with your Cincinnati, OH adventures to finding the right blend of features for your relaxing cruise rides, there’s a lot to consider when purchasing a car. Something that shouldn’t stress you out when shopping for a car is whether your credit score is good enough. Thankfully, many dealers offer bad credit car financing that lessens the stress of upgrading your everyday commutes. If you’re in the position to take on a car loan, it can be a beneficial route to improving your credit score. 

Discuss your car buying options with the team in our finance department and explore the average credit score to finance a car below. Be sure to take advantage of our available offers and specials to save on your next vehicle at Tom Gill Chevrolet.

Average Credit Score to Finance a Car

According to a report by Experian, the average credit score for drivers procuring auto loans in 2023 is 741 for a new vehicle and 682 for a used car. While borrowers with scores between 501 and 600 account for only 13% of car finance loans, Covington drivers can secure a bad credit car finance loan regardless of their credit score. Keep in mind that the lower your credit score, the higher your interest rate. Take a look at the different credit score classifications: 

  • Superprime: 781 to 850
  • Prime: 661 to 780
  • Non-prime: 601 to 660
  • Subprime: 501 to 600
  • Deep Subprime: 300 to 500

Financing with Bad Credit

Even drivers with a deep subprime can get into a vehicle that makes their trips around Independence easier. Now that you can worry less about what credit score is needed to finance a car, it’s time to focus on what you can do to secure a car loan. If bad credit car financing is the right option for you, you’ll want to: 

  • Focus on Positives: A record of positive financial actions goes a long way to securing you a car loan. Practices like never missing a credit payment can put you in a better position, even if your credit score is marred by business debt.
  • Bring Proof: Bring documents to show you’re working and in a position to pay off your car loan despite your credit score. You’ll want to bring pay stubs, proof of address, cell phone bills, and auto insurance documents. 
  • Show Collateral: If you have a home that can act as collateral or you can put down at least 25% as an initial payment, you’re more likely to qualify for auto financing and likely a better interest rate. 

Explore Your Financing Options at Tom Gill Chevrolet!

If you’re still wondering about what credit score is needed to finance a car, discuss your financial situation with the Florence team. We can discuss your options with bad credit car financing and what you can do to improve your situation before entering negotiations. Don’t hesitate to give us a call at %%di_phone%% if you have any questions. 


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