What Credit Score is Needed to Finance a Car?

Ballpoint pen on Credit History



Not all Middletown drivers are aware of the recommended credit score to finance a car. Whether or not you have good or bad credit, you’ll want to know what credit score is needed to finance a car. Joe Morgan Honda not only has finance options, but bad credit car finance options for those Cincinnati customers who may have very little credit or have had troubles in the past. Learn more about what credit score is needed to finance a car with our finance department.

Average Credit Score to Finance a Car

The average credit score to finance a car for most drivers throughout the Lebanon area in 2020 ranges from 657 for a used vehicle and 721 for a new model. At Joe Morgan Honda in Monroe, you’re able to get bad credit car finance even with a poor score. Now you know what credit score is needed to finance a car, you should be aware of the category breakdowns of each credit score. Keep in mind that the lower the credit score, the higher the interest:

  • 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 Bad Credit Car Finance

The credit score to finance a car varies due to the type of vehicle you purchase. If you have a deep subprime credit score, you may still be able to qualify for a bad credit car finance loan, but keep the following in mind:

  • Focus on Positives: If you can demonstrate that you’ve made strides to put yourself in a better financial situation, it will increase the chances of you securing a loan.
  • Bring Proof:Provide paid cell phone bills, auto insurance documents, current pay stubs, a current address, and proof of employment, you will be in a better position.
  • Show Collateral: If you’re a homeowner or able to put down at least 25% of your down payment, you are very likely to qualify for bad credit car finance with a decent interest rate.

Explore Finance Options at Joe Morgan Honda

Still unsure about what credit score is needed to finance a car? Joe Morgan Honda is here to answer your questions and guide you through the finance process. Contact us today for ways to improve your credit scoreContinue to learn more about auto financing with how you can get a good interest rate on a car loan.

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Joe Morgan Honda 39.442534, -84.336125.