What Credit Score is Needed to Finance a Car?

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For Miami buyers with bad credit, car finance deals can feel like a pipe dream. While it’s true that your credit score is a factor in whether you qualify for a loan, and could also affect your interest rate, don’t give up looking for great financing deals when your heart is set on that massive Mazda CX-9 towing capacity! Several other factors could tip the financing scales in your favor, which means you could be driving back to Brickell in the car of your dreams — despite your credit score. Read on for a few things to keep in mind if you’re concerned about what credit score is needed to finance a car.

Average Credit Score to Finance a Car

In 2018, the average new car buyer had a credit score of 722, while the average for buyers of used cars was 655. Keep in mind that those are averages, and many buyers with lower scores than the average are able to secure great financing deals. Generally speaking, a higher credit score will net you better (read: lower-interest) financing offers. If you’re in the process of lowering your credit score, be aware that credit scores fall into the following categories when evaluated by FICO or VantageScore rating systems:

  • Super Prime — 901 to 990
  • Prime Plus — 801 to 900
  • Prime — 701 to 800
  • Non Prime — 601 to 700
  • High Risk — 501 to 600
  • Bad — 300 to 500

How to Get Car Financing With Bad Credit

Even with bad credit, car financing is still possible — especially if you’ve consistently made timely payments and measurably reduced debt levels over the past few years. Plus, there are a few key steps you can take to boost your credit score and increase your chances for a great financing deal:

  • Demonstrate positive financial actions: Even with bad credit, you can get a car finance loan in Miami Beach by showing a financial turnaround and recovery in the last few years. For example, if your large outstanding debt is from hospital bills, a business debt, or student loans, lenders may still make good offers if you’re always on time with payments.
  • Bring proof of financial stability: Strengthen your case to lenders by showing pay stubs, proof of address, cell phone bills, auto insurance documents, and proof of current employment.
  • Show collateral: If you own a home or can offer a down payment of at least 25%, lenders are far more likely to decide that you’re qualified for auto financing — and to offer a top-notch interest rate.

Go Over Your Car Financing Options with Brickell Mazda

Notice your Mazda3 check engine light going off and in need of a new vehicle? Don’t hesitate to reach out to our team of finance experts at Brickell Mazda for more financing tips, such as advice on if you can trade in a financed car. If you’re still concerned about having the right credit score to finance a car, we recommend looking into the benefits of buying used or certified pre-owned. After you browse our inventory of Mazda vehicles near Coral Gables and select a few favorites, reach out to kickstart your finance application today!

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