Car Financing: What Credit Score Is Needed to Finance a Car?

Credit History

 

Before even stepping into a Clarksville car dealership, you know that your credit score will determine if you get the deal you want or not. This prompts many car shoppers to ask, “what credit score is needed to finance a car?”

 

 

The answer to this is actually, any credit score will do! But some credit scores are more ideal than others!

If you want to know more about the perfect credit score to finance a car, use this guide brought to you by the finance specialists at Music City Autoplex today! Contact us and apply for financing with our Madison finance center to see what deals you can get today!

What Is A Credit Score and Where You Stand?

A credit score determines the probability that you’ll pay back the debt you owe without financial consequences.

Now, some people are better than others at paying their debt, which is why they’re placed on a credit scale from 300 – 850. Depending on where you stand on this scale will determine how easier it is for you to get an auto loan and how much lower your interest payments will be every month. Check out the credit scale below:

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

Financing a Car With Bad Credit?

Now, if your credit score is not so bright, you still have options when you want to finance a used car for our Hendersonville-area dealership. Knowing these options can help you get prepared for the car buying process even if you’re credit score isn’t stellar! Learn more about the options you have available below if you have bad credit:

  • 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 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 are able to 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.

Finance A Used Car at Music City Autoplex

Now that you know what credit score is needed to finance a car and your options if you have poor credit, visit our Nashville-area dealership for one-on-one help with our team of specialists. Get the car you want today, regardless of bad credit! Contact us today!

 

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