Will a 675 Credit Score Get Me an Auto Loan with a low interest rate?

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Q: I’m hoping to apply for an auto loan over the next few weeks, however my credit score stands at 675. Will that be sufficient to obtain a car loan with a low interest rate?

A: It really is entirely possible to apply successfully for an auto loan with a credit score of only 675 and get offers of low interest rates. Look carefully at this loan data which comes directly from the credit ranking company Experian:

If you have a credit score somewhere around 675, you are likely to have the best probability of being approved for auto finance if you put in a request for vehicle loans online. This means that it is very easy to do a comparison of all the offers from a broader range of loan providers. If you aren’t certain how to start this process, have a read of our handy list of companies.

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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The exact same answer applies for auto loans for folks with credit scores of 676, 677, 678, 679, 680, 681, 682, 683 and 684.

How to improve your credit rating & interest rate

Despite the fact that you could submit a successful application for an auto loan or personal loan with a 675 credit score, you might be entitled to a slightly more affordable interest rate if you put more cash down on the vehicle. You also can have a shot at increasing your own FICO score.

Listed here are a few techniques for potentially increasing your credit score when you need to apply for a car / auto loan:

  • Several loan creditors sometimes pardon one-off slip-ups and remove them from your credit history. See if this is relevant in your situation.
  • Request free credit reports, examine them for errors and question any you come across.
  • Pay off as many debts and bills as possible.
  • Credit cards, lower your credit amount to less than 30%.
  • Sign up to Experian Boost to get your utilities and telephone bill payments to count towards your credit scores.