Will a 662 Credit Score Get Me an Auto Loan with a low rate of interest?

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Q: I’m expecting to submit a request for an auto loan shortly, however my credit score is 662. Is that high enough to get a low interest car loan?

A: It really is entirely possible to apply successfully for an auto loan with only a 662 credit score and get a low interest rate. Think about this data from Experian:

With a credit score somewhere around 662, you can expect to a better odds of being eligible for an auto loan if you put in an application for vehicle loans online. Using this method makes it simple to compare the offers from a larger assortment of lenders. If you’re not sure how to go about this, take a good look at our list of recommendations.

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 answer works well for auto loans for those having credit scores of 663, 664, 665, 666, 667, 668, 669, 670 and 671.

How you can improve your interest rate and credit score

Despite the fact that you are able to successfully try for an auto loan or a personal loan with a 662 credit score, you may be able to be entitled to a more reasonable rate if you pay a larger deposit on the vehicle. You might also have a shot at elevating your own FICO score.

Let us discuss a few strategies for perhaps elevating your credit score when you need to apply for a car / auto loan:

  • Request free credit reports, check them for mistakes and dispute any that you uncover.
  • Join Experian Boost to get your phone and utility bill payments counted toward your credit rating.
  • Some loan creditors will occasionally excuse one-off issues and get them removed from your record. Check into this if it is applicable where you are concerned.
  • Credit cards, reduce your credit liability to less than thirty percent.
  • Get current on as many debts and bills as is possible.