What Credit Score is Needed to Finance a Car?

finance signing


Many Kettering drivers are not sure if they have the credit score needed to finance a new Mercedes-Benz vehicle. There is good news – most dealerships offer bad credit car finance options. Learn what credit score is needed to finance a car, and be sure to reach out to the finance department to discuss your options even further. We work hard to take our competitive prices and unbeatable vehicle specials to create a financial package that fits within your budget.

What’s the Average Credit Score to Finance a Car?

The average credit score of drivers who have been approved for auto loans in 2020 is 721 for a new vehicle and 657 for a pre-owned car. Springboro-area drivers can still get bad credit car finance loans regardless of their credit score. However, the lower your credit score is, the higher interest you will pay. Here is a look at the health categories for credit scores:

  • Superprime: 781 to 850
  • Prime: 661 to 780
  • Non-prime: 601 to 660
  • Subprime: 501 to 600
  • Deep Subprime: 300 to 500

Getting Car Financing With Bad Credit

What credit score do you need to obtain financing for buying a car? That depends because Oakwood drivers with a deep subprime credit score can still obtain bad credit car finance loans, but they will have to keep the following in mind:

  • Focus on Positives: If you can prove that you have made positive financial actions to improve your credit score, you can increase your odds of securing an auto loan. For instance, if you’ve never missed a credit card payment, but your credit score has been ruined because of business debt, you’re in a better position.
  • Bring Proof: Bring pay stubs, proof of address, cell phone bills, auto insurance documents, and proof that you are working.
  • Show Collateral: If you own a home or can put down a substantial down payment (at least 25%), your odds of qualifying are greatly increased.

Explore Your Options With Mercedes-Benz of Centerville

If you still want to know if you have a good credit score or one that’s good enough, to obtain an auto loan, give us a call! We’ll determine whether or not a bad credit car finance loan is your best option, and find ways that you can improve your leverage at the negotiating table.

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Mercedes-Benz of Centerville 39.648865, -84.156982.