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What Credit Score is Needed to Finance a Car?

Car key & credit card on a signed contract
 

When it’s time to seal the deal on your next new Mazda on Schaumburg roads you want a great credit score to finance a car and get the best rates possible. Plus, there are bad credit car finance options for those that are working to repair their current credit scores. Learn more about the best credit scores needed to buy or finance a car with the sales experts at Biggers Mazda today!

 

 

Average Credit Scores to Finance a Car

So, what credit score is needed to finance a car? The average credit score of auto shoppers in 2020 is 721 for a new vehicle and 657 for a used car, along with other credit score categories which are broken down below:

  • 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

Even if you don’t have the best credit history, you can also find ways to opt for bad credit car finance options by making sure you do 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 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.

Explore Your Auto Finance Options with Biggers Mazda

Now that you’ve had the chance to review the best credit scores to finance a car as well as bad credit car finance, seal the deal on your next Geneva ride. Check out more helpful auto finance tips and tricks at Biggers Mazda and you can also apply for financing or value your current trade-in to save even more on your next purchase. Contact us today for more details on good and bad credit finance and to set up an appointment at our Elgin dealership!

You can learn more about the state of the auto market with a look at why car prices are going up.

 

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