Credit Score

What Credit Score is Needed to Finance a Car?

No matter what credit score you have, you still may be able to apply for financing to get a car loan. Depending on your credit score to finance a car, if you have bad credit, most dealerships offer bad credit car finance options to help get you into a vehicle you need. This might be a good option if you’re in a position to pay off an auto loan, but you have bad credit. Learn more about what credit score is needed to finance a car and the options available with Ole Ben Franklin Motors of Alcoa today!

Credit Score to Finance a Car – Categories

There are many different categories someone may fall under depending on their credit score. While the average credit score for someone to receive an auto loan is 721 for new vehicles and 657 for pre-owned vehicles, this doesn’t mean someone with a lower credit score can’t qualify for a car loan. Let’s take a look at the credit score categories below:

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

While the credit score to finance a car can vary widely depending on specific factors, typically the lower your credit score, the higher the interest rate you’ll have to pay. If you have a lower credit score, our finance experts near Alcoa can help you explore some bad credit car finance options.

Securing an Auto Loan with Bad Credit

We understand that sometimes life events can negatively impact your credit. If you happen to have deep subprime credit, you can still secure an auto loan, but you may have to explore some bad credit car finance options. Here’s what to keep in mind when exploring your options:

  • If you can prove that you’ve never missed a credit payment, you may have a better chance at securing an auto loan.
  • Providing proof of financial responsibility such as pay stubs, proof of address, and that you’re currently working can help put you in a better position.
  • If you own a home or you’re able to put down at least a 25% down payment, you can be more likely to qualify for an auto loan and receive a good interest rate as well.

Explore Financing Options With Ole Ben Franklin Motors of Alcoa Today!

Still wondering what credit score is needed to finance a car? We recommend visiting our dealership located near Lenoir City today. We can help you figure out whether or not you need full coverage on a used car. Whether you need a car for your Sevierville commute or an SUV for your family to enjoy on Alcoa adventures, we look forward to helping you explore your financing options to get you into a vehicle that best fits your needs. Please don’t hesitate to reach out to us if you have any questions!

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(865) 980-8216

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911 Louisville Road • Alcoa, TN 37701

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Ole Ben Franklin Motors of Alcoa 35.7731939, -83.9945617.