There is required to buy a car. Lenders set their own standards, and it is technically possible to secure financing with a score as low as 300–500 through specialized "deep subprime" lenders.
Approval is possible but often requires a larger down payment (typically at least 10%) or a co-signer. Rates in this range can exceed 20% . Average Scores by Loan Type (2024–2025 Data) what is the minimum credit score to buy a car
Most lenders look for a score of at least 661 to offer competitive "prime" rates. There is required to buy a car
However, your score significantly dictates your interest rates and loan terms: Key Credit Score Benchmarks Rates in this range can exceed 20%
You can likely get approved, but expect higher interest rates, often between 9% and 15% depending on if the car is new or used.
If your score is below 600, you can improve your approval odds by: How To Get a Car Loan With Bad Credit | Intuit Credit Karma
According to recent reports from Experian , most successful borrowers have scores well above the bare minimum: Average score of 753 . Used Car Loans: Average score of 689 . Estimated APR by Score Range Credit Score Tier New Car APR (Avg) Used Car APR (Avg) Super-prime Prime Near-prime Subprime Deep Subprime Data sourced from Experian and Bankrate reports. Options for Lower Credit Scores
