If
you worry that your credit score could keep you from buying a car, you
underestimate how much car dealers want to sell you one. But a higher
score will almost certainly get you a lower interest rate on the loan.
What Credit Score Do I Need to Buy a Car?
You
can get a car loan and buy a vehicle with nearly any credit score, but your
chances of being rejected – or charged a punitive level of interest – are much
higher if you have a low credit score. According to our latest auto loan
rate report, shoppers with scores above 700+ qualify for some of the lowest
interest rates in the marketplace. These buyers are considered to have good or
excellent credit since they're near the top of the credit
score range, which spans
from 300 to 850 points.
Can You Get a Car With Bad Credit?
Yes,
you can get a car even if you have bad credit – but you’ll pay a high price to
do so. It’s critical that you take steps to ensure that you don’t put yourself
in a debt trap, which could further hurt your credit, put you into bankruptcy,
or cause you to lose your car.
The best way to protect yourself from falling into a spiral of debt is to get pre-qualified
for an auto loan by a reputable lender before you step foot into a car
dealership. You want a loan offer with affordable monthly payments, the shortest possible term, a reasonable interest rate, and a loan-to-value ratio
that shows the vehicle is worth more than you owe on it.
To
find out your score, you can check with the Credit Repair Company like Credit
Repair Ease and where you
can check your current credit score as well as you can get the solution about
the improve your credit score. If you are looking to buy a new car and your credit score is bad or low, then don't worry, just call (888) 803-7889 and get a Credit Consultation.
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