Will a 670 Credit Score Get Me an Auto Loan with a low rate of interest?
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Q: I am planning to submit a request for an auto loan this week, however my credit score is just 670. Will that be high enough to get a low interest car loan?
If you’ve a credit score in the region of 670, you can expect to a better odds of approval for a loan if you try for vehicle loans online. This makes it an easy task to compare the offers from a huge variety of loan providers. If you aren’t certain how to begin this process, take a look at the following list of recommendations.
The very same tactic holds good for auto loans for people with credit scores of 671, 672, 673, 674, 675, 676, 677, 678 and 679.
How you can improve your interest rate & credit rating
Despite the fact that you may successfully submit a request for a personal loan or auto loan with a 670 credit score, you could qualify for a slightly more affordable interest rate if you pay a bigger deposit on the vehicle in question. You also can attempt to boost your current FICO score.
Let me share a few ideas for possibly increasing your credit score when applying for an auto / car loan:
- Several loan providers sometimes forgive one-off issues and wipe them from your record. See if this is pertinent to your situation.
- Get current on as many bills and debts as you can.
- Request your free credit reports, check them out for flaws and contest any you uncover.
- Register with Experian Boost so that your phone and utility payments counted towards your credit score.
- Credit cards, reduce your credit liability to less than 30%.