What Is a Good Credit Score for Buying a Car?
Having a good credit score is an important factor when purchasing a car. A good credit score can be the deciding factor between getting the car you want and being denied financing. When applying for a loan to purchase a vehicle, having a good credit score is essential in securing the best interest rate and loan terms.
When determining what constitutes as "good" credit, individuals typically need at least 580 out of 850 on the FICO Score Scale to qualify for an auto loan. The higher your credit rating, the better your chance of obtaining a lower interest rate on your auto loan. Generally speaking, an excellent credit score (800-850) will get you access to more financing options with lower interest rates than having just a "good" or "fair" rating (600-699). Having bad or poor credit can make it harder to secure financing with high interest rates and unfavorable terms.
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