What Credit Score is Needed to Finance a Car?

At Five Star Hyundai of Albany, we believe every Tifton driver deserves the chance to drive a reliable vehicle, regardless of their credit history. That’s why we offer specialized bad credit car finance options to help you get behind the wheel. Our experienced finance team works with a network of lenders who understand your unique situation, providing flexible terms and competitive rates tailored to your needs. 

What credit score is needed to finance a car? There isn’t necessarily a required credit score to finance a car, but you may be charged higher interest rates if you have bad credit. Learn more about your options in our guide below.

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. Moultrie 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. Americus 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.

For many Tifton and Americus drivers, it’s often easier to lease a car with bad credit than to finance one. For more information, give us a call at (229) 638-8660.

Connect With Our Finance Experts Today

Whether you’re looking to rebuild your credit or simply need a fresh start, we’re here to make the financing process as smooth and stress-free as possible. Contact us today and let our team help you find the perfect car and financing solution in Albany.