When you’re looking to get a car loan, it’s important to understand what your credit score means for your loan options and terms. Here’s what you need to know about how to get the best car loan for your credit score.
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If you have a good credit score, you’ll likely qualify for a lower interest rate and better terms on your car loan. A good credit score is generally considered to be a score of 700 or above.
If you have a bad credit score, you may still be able to get a car loan, but you’ll likely have to pay a higher interest rate and may have to provide a larger down payment. A bad credit score is generally considered to be a score below 630.
If you have a very bad credit score, you may have difficulty qualifying for a car loan. If you do qualify, you’ll likely have to pay a very high interest rate and may have to provide a large down payment. A very bad credit score is generally considered to be a score below 560.
If you have a good credit score, you should start by shopping around for the best interest rate and loan terms. You can use a tool like Bankrate’s auto loan calculator to compare rates from different lenders.
If you have a bad credit score, you may want to consider working with a subprime lender. A subprime lender specializes in loans for borrowers with bad credit.
If you have a very bad credit score, you may want to consider a buy-here, pay-here dealership. These dealerships typically don’t require a credit check and may be willing to work with you even if you have a bankruptcy on your credit report.
No matter what your credit score is, it’s important to shop around for the best loan terms and interest rate. By doing so, you can save yourself a lot of money over the life of your loan.
