What Credit Score Is Needed to Finance a Car?

If you’re one of the many Port Orange drivers unsure of whether your credit score is good enough to finance a car, Daytona Mitsubishi is here to help. The good news is that many dealers offer great bad credit car finance options. Although that idea may make you a bit apprehensive, taking out a loan when you have the ability to repay it is a great way to boost your credit score. Below, you can learn more about bad credit car finance options. 

Average Credit Score to Finance a Car

The target credit score for securing a car loan is 660 or above. This score should net you a car loan with an interest rate around 6% or below. In any case, the lower your credit score, the higher interest you’ll pay. Here’s a breakdown of the different health categories for credit scores:

• 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

If you’re credit isn’t great, you can still get a car loan, but you’ll want to keep the following points in mind: 

• Focus on Positives: If you’ve never missed a payment, or you have no debts in collections, that’ll give you an edge when you apply for a loan. 
• Bring Proof: You’ll want to bring pay stubs, proof of address, cell phone bills, auto insurance documents, and proof that you’re employed. Basically, you want to show you’re in a good spot to repay the loan, even though your credit may not be great. 
• Show Collateral: If you own a house or you’re able to make a large down payment of at least 25%, you’re more likely to get the loan you want. 

Learn More About Your Financing Options at Daytona Mitsubishi

Do you still have questions about your bad credit car finance options? Our finance experts are here to assist you! Don’t hesitate to contact us online or call us at 855-940-4360 to speak with one of our friendly team members. In the meantime, you can get the process started by applying for financing online from the comfort of your home or office!