For many people, applying for an auto loan is the first time they see the effects of their credit history in action. Your credit score and credit report can drive not only your ability to buy a car, but what kind you end up purchasing, too. Whenever you apply for new credit, the lender will review your credit report and score. Generally, the higher your credit score, the more likely a lender is to offer you the credit you want at a favorable rate and terms.
https://www.freecreditscore.com/blog/car-buying-credit-score/
Buying a car with fair credit falls in this range, but to most auto lenders it’s still a good credit score to buy a car. Credit Score: 620-679 – Some creditors believe this to be a good credit score to buy a car, but for many of the auto lenders a score under 680 does not qualify the car buyer for the best rates.
http://carbuyinghowto.com/good-credit-score-to-buy-a-car/
Because credit scores are based on credit report information, a score often changes when the information in the credit report changes. If you’ve been denied credit or insurance or didn’t get the rate or terms you want, ask questions: Ask the creditor or insurance company if a credit scoring system was used. If it was, ask what characteristics or factors were used in the system, and how you can improve your application.
https://www.consumer.ftc.gov/articles/0152-credit-scores
Managing your credit and understanding the impact certain financial moves can have on your credit score is the best way to ensure you’ll be able to afford the vehicle you want when it’s time to buy a new car. This article is provided for general guidance and information.
https://www.freecreditscore.com/blog/car-buying-credit-score/
Credit Score: 680-719 – This is recognized by most auto lenders to be a good credit score to buy a car. Some banks, credit unions and automobile manufacturer’s finance departments may require a 700 score to get the best finance incentives, but most of them will include anyone with a 680 score or above.
http://carbuyinghowto.com/good-credit-score-to-buy-a-car/
Your credit report is a key part of many credit scoring systems. That’s why it is critical to make sure your credit report is accurate. Federal law gives you the right to get a free copy of your credit reports from each of the three national credit reporting companies once every 12 months. The Fair Credit Reporting Act (FCRA) also gives you the right to get your credit score from the national credit reporting companies. They are allowed to charge a reasonable fee for the score. When you buy your score, you often get information on how you can improve it.
https://www.consumer.ftc.gov/articles/0152-credit-scores
Credit Score: 500-579 – The minimum credit score to buy a car falls in this range. When your credit score is in this range lenders are hesitant to grant you a car buying loan. There are lenders that will, but they are sub-prime lenders and a down payment of some kind is required.
http://carbuyinghowto.com/good-credit-score-to-buy-a-car/
However when it comes to buying a car the automobile lenders consider anything above 700 to be a good credit score to buy a car although some of the auto maker’s financing divisions require a 720 to qualify for the best rates.
http://carbuyinghowto.com/good-credit-score-to-buy-a-car/
Managing your credit and understanding the impact certain financial moves can have on your credit score is the best way to ensure you’ll be able to afford the vehicle you want when it’s time to buy a new car. No Credit Card Required. This article is provided for general guidance and information.
https://www.freecreditscore.com/blog/car-buying-credit-score/
Here’s how it works: For a typical ratio of 2:1, it’s every two dollars of income to offset one dollar of debt. For example if you have car loan payment at $400 per month, in order for that payment to not hurt your ability to buy a house, you need $800 in income to offset that debt.
http://blog.credit.com/2014/06/dont-put-the-car-before-the-house-84409/
what does your credit score to buy a car
The credit score should be in between 620-679. To buy a car, your credit score is between 620 to 679.