What Credit Score is Needed to Finance a Car?

Car key & credit card on a signed contract

Many Dublin drivers are unsure of whether or not they have a good enough credit score to finance a car. If this sounds like you, you may be unsure of what to expect, but the good news is that the majority of dealers offer bad credit car finance options. While that phrase may sound scary, taking on a big loan when you’re in a position to pay it off can be one of the most direct routes to improving your credit score.

Read on to learn more, and then get in touch with the finance department to discuss your options. We’ll make sure you take advantage of every applicable special and rebate under the sun to minimize the cost of your next car in Columbus.

Average Credit Score to Finance a Car

The average credit score of drivers who have procured auto loans in 2022 was 735 for a new vehicle and 690 for a used car. Worthington drivers will probably be able to get bad credit car finance loans regardless of their credit score. That said, the lower your credit score, the higher interest you’ll pay. Here is a breakdown of the different health categories for credit scores:

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

How to Get Car Financing With Bad Credit

So, what credit score is needed to finance a car? The credit score to finance a car depends. Upper Arlington drivers with a deep subprime credit score can still secure bad credit car finance loans, but they’ll need to bear in mind the following:

  • Focus on Positives: If you can demonstrate that you’ve made positive financial actions, you’ll increase your odds of securing a loan. For instance, if you’ve never missed a credit payment, but your credit score has been marred by business debt, you’re in a better position.
  • Bring Proof: Bring pay stubs, proof of address, cell phone bills, auto insurance documents, and proof that you’re currently working. Any document that can show you’re responsible and you’re in a position to pay off your car loan despite your credit score will help.
  • Show Collateral: If you own a home or can put down a substantial down payment (at least 25%), you’re far more likely to qualify for auto financing and get a good interest rate to boot.

Discuss Your Options With Byers Subaru Dublin

Still wondering what credit score is needed to finance a car? Discuss your situation with Byers Subaru Dublin. We’ll help you determine whether or not a bad credit car finance loan is right for you, and what you can do to improve your leverage at the negotiating table. If you have any more questions about the car buying process, give us a call at 833-461-0211 or consult our car buying tips on topics like how to get car financing with no credit. We look forward to helping you find a solution.

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2455 Billingsley Rd, Columbus, OH, 43235
Byers Subaru Dublin 40.1113502, -83.0840634.