What Credit Score is Needed to Finance a Car?

Finance Agreement

Are you looking to buy a new car, but you want to know more about how your credit score can affect your financing opportunities in Altoona? We know that securing financing for your vehicle can be crucial in making your new-to-you car dreams a reality, which is why we put together this guide for you to get all the information you need.

What credit score is needed to finance a car? What does bad credit car finance look like? Read on to learn more, and then get in touch with the finance department to discuss your options so you can get back onto the Hollidaysburg roads as quickly as possible. 

Average Credit Score to Finance a Car

Drivers who took out an auto loan in 2022 had an average credit score of 735 for new vehicle purchases and 690 for pre-owned purchases. Those numbers are in the Prime category of credit scores. Here’s how credit scores are classified so you can get a better idea of the right credit score to finance a car:

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

Bad Credit Car Finance Information

Excellent credit, bad credit, or no credit history, we have options for everyone regardless of background. If you’re in the market for a new car or used car, and you’re looking to finance, there are several steps you can take to improve your chances of securing a car loan in Duncansville.

What credit score is needed to finance a car? If you have a credit rating that’s below Non-Prime, there are some things to do when it’s time to purchase a car:

  • 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 can 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.

Discuss Your Options With Blue Knob Auto

When you’re ready for new-to-you car ownership, start your journey by taking a look at our used vehicle inventory to find the right model for your East Freedom needs and budget. Then contact us, and we’ll schedule a test drive for you so you can experience our top-tier quality. If you have any more questions about the car-buying process or the credit score to finance a car, give us a call at 814-695-1387 or consult our car-buying tips for more helpful information on the car-buying process.

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