What is the minimum FICO score for an auto loan?

What is a good FICO score for auto?

A good credit score to buy a car is often above 660, as you’re then considered a “prime” borrower. There’s no industry-wide, official minimum credit score in order to qualify for an auto loan. Generally, the higher your credit score, the better terms you’re likely to get on the loan.

Can I get an auto loan with a 630 FICO score?

If your credit score is in the 630’s, you should qualify for a non-prime APR rate, which will be higher than someone with a 700 or 800 credit score. … All loan payment amounts are based on a used car loan APR interest rate of 10.34% for non prime borrowers with a credit score of 600 to 660.

Do car lenders use Vantage or FICO?

Generally, auto lenders use the FICO Score 8 model. But VantageScore, which the three main credit bureaus founded, is still used quite often. In addition, sometimes lenders will use multiple models, depending upon your score and credit history, as a way to skirt restrictions to get you a loan.

Is 640 a good credit score to buy a car?

A credit score in the mid-600s is considered average for a car loan and will result in mediocre loan terms. Credit scores between 680 and 720 are considered to be good. A credit score above 720 is considered excellent and will result in a low-interest car loan.

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Is FICO auto score higher?

Your credit score might look higher than you thought it was. You may not realize that when you go for a car loan that your FICO Auto Score is used. It puts a little more weight on your history with car loans and leases, and also other installment loans.

Can I buy a car with 639 credit score?

Interest rates differ based on your credit score, so knowing what to expect on average can help you budget for your car. A target credit score of 661 or above should get you a new-car loan with an annual percentage rate of around 3.48% or better, or a used-car loan around 5.49%.

Can you get a car loan with 637 credit score?

A 637 FICO® Score is considered “Fair”. Mortgage, auto, and personal loans are somewhat difficult to get with a 637 Credit Score. Lenders normally don’t do business with borrowers that have fair credit because it’s too risky.

Can I get a car loan with 650 credit score?

If your credit score is in the 650’s, you should qualify for a non-prime APR rate, which will be higher than someone with a 700 or 800 credit score. … All loan payment amounts are based on a used car loan APR interest rate of 10.34% for non prime borrowers with a credit score of 600 to 660.