Many people may wonder as to what is a good credit score to get an auto loan. If you are one of them then you it could be better if you seek guidance from a qualified and knowledgeable car financing expert who has been working in the industry for years. Knowledge may be the key to making an informed decision.
AutoLoansForEveryDriver can help you in finding a competent local specialist.
It’s wrong to get lead away by the assumption that your ability to obtain a car loan at lower interest rate depends on the status of your credit history. There may be several other factors that might play an equally important role. Most of the lenders lay more emphasis on borrower’s capacity to repay any additional debt on time. To that effect, it could be vital for you to ensure that you have enough monthly income for paying monthly car instalments on time. So give proof that supports your claim.
Majority of the loan dealers are likely to approve your auto loan application if your FICO score falls in the range 690 to 719. However, it doesn’t mean that you cannot qualify for car financing if your FICO score is less than 690.
It is possible to find some specialized dealerships online which offer auto loans to people who have less than desirable credit ratings. But the rates of interest charged by them will be higher than those that are charged for conventional car loans.