What Credit Score Is Needed to Finance a Car?

Hands Doing Calculations with Calculator


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!

More from Daytona Mitsubishi

  • 2024 Mitsubishi Outlander Sport MPG

      The team at Daytona Mitsubishi invites you to elevate every drive in Port Orange and set a course for more summertime adventures thanks to the 2024 Mitsubishi Outlander Sport mpg. We think this new vehicle is perfect for your growing or active family with its passenger room, cargo space, and low fuel consumption. See all of…

  • 2024 Mitsubishi Outlander Interior

      If you want a sporty SUV for your Port Orange drives, consider the family-friendly Mitsubishi Outlander as your next new vehicle. It’s got everything you need for passengers and cargo, thanks to the 2024 Mitsubishi Outlander interior. You’ll find high-tech features, comfort amenities, and safety all around the cabin. Every drive around Ormond Beach is a…

  • 2024 Mitsubishi Mirage Interior

      The 2024 Mitsubishi Mirage continues to be a stalwart of the brand as the modern take on the decades-long love affair with this car. You’ll get everything a driver wants out of a new vehicle that’s perfect for daily commutes in Port Orange, weekly errands in Ormond Beach, and weekend getaways to your favorite destination.  See…

Daytona Mitsubishi 29.222469, -81.049428.