Will a 661 Credit Score Get Me an Auto Loan with a low interest?

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Q: I’d like to apply for an auto loan in the next few months, however I only have a 661 credit score. Will I be able to get a car loan with low interest?

A: It is quite possible to apply successfully for an auto loan with a credit score of 661 and get a low interest rate. Think about this loan data which comes straight from Experian:

If you have a credit score of about 661, you will have the best expectation of being approved for vehicle finance if you submit a request for vehicle loans online. This means it’s easy to do a comparison of offers from a huge assortment of loan providers. If you’re not certain how to begin this process, look at our useful list of services.

Required Credit Score
550
Amounts
Up to $35,000
APR
Starting at 6.90%
Bad credit
Allowed
Loan Terms
2 months to 7 years
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Precisely the same solution is valid for auto loans for people with credit scores of 662, 663, 664, 665, 666, 667, 668, 669 and 670.

Improve your credit score & interest rate

Though it’s possible to successfully put in an application for a personal loan or an auto loan with a 661 credit score, you could receive a more competitive interest rate if you put more cash down on the car in question. You can also attempt to raise your FICO score.

Let me share some techniques for potentially maximizing your credit score before applying for an auto / car loan:

  • Join Experian Boost so your phone and utility bill payments count towards your credit score.
  • Get up-to-date on as many bills and debts as possible.
  • Credit cards, reduce your credit liability to less than thirty percent.
  • Request free credit reports, examine them for mistakes and challenge those that you discover.
  • Certain loan providers will occasionally excuse one-off mistakes and get them expunged from your record. Check if this applies in your case.