What Credit Score is Needed to Finance a Car?

Car key & credit card on a signed contract
 

Looking for a new car to improve your Lakewood commute? A lot of people think their credit score determines what kind of vehicle they can get. The finance center at Honda Universe covers what credit score is needed to finance a car, tips on bad credit car financing, and more below.

Credit Score to Finance a Car: What to Expect 

So, what’s the average credit score to finance a car with? You can get a vehicle with a wide range of credit scores, but the average for a new vehicle is 721 and the average for a used vehicle is 657. Bad credit car finance begins at the lower levels. Here is the nomenclature for the credit scores: 

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

If you know that you’ve got the credit score to finance a car, you can even apply for financing online through a Freehold-area dealer!

Bad Credit Car Financing: What to Do 

Even if you have a deep subprime credit score, it’s not impossible to do bad credit car finance. In-house finance centers are used to working with Toms River drivers trying to get their next brand new or pre-owned vehicles, and are happy to negotiate payment plans, interest rates, and more. Here are some tips for drivers who want bad credit car financing: 

  • Show Proof of Payment: There are lots of reasons that Jackson drivers have a low credit score and it may not reflect how well you’re doing currently. If you can prove you’re paying your bills — cell phone, house payments, utilities, and more — and show you’re gainly employed, that’ll improve your chances of getting financing. 
  • Collateral: Putting some assets down reassures a lender that you’re good for the payment plan. 
  • Large Down Payment: If you make a big down payment of 25% or more, you will probably be able to get a better rate. 
  • Stay Positive: If you have a bad credit score from business debt but have solid personal finances, use this fact to your advantage! 

Get Simple Financing with Honda Universe

At Honda Universe, we want to make the car buying process smooth and simple for Lakewood area drivers. That’s why we have regular special offers and provide a lot of car buying tips! Please contact us today with any questions you may have about what credit score is needed to finance a car or anything financing-related.

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