Will a 685 Credit Score Get Me an Auto Loan with a low interest rate?

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Q: I am planning to submit an application for an auto loan soon, but my credit score stands at 685. Is that high enough to get a car loan with a low interest rate?

A: It really is quite possible to apply successfully for an auto loan with a credit score of 685 and receive low interest rate offers. Think about this loan data which comes from Experian:

If you’ve got a credit score of about 685, you’ll a better odds of approval for an auto loan if you make an application for vehicle loans online. Doing this will make it easy to do a comparison of the offers from a large variety of loan providers. If you aren’t certain how to begin, check our extensive recommendations list.

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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Exactly the same strategy works for auto loans for people with a credit score of 686, 687, 688, 689, 690, 691, 692, 693 and 694.

How to improve your credit score and interest rate

Even though you’re able to successfully try for an auto loan or a personal loan with a 685 credit score, it is possible that you might be entitled to a more reasonable rate of interest if you pay a bigger deposit on the car in question. You could also have a bash at improving your own FICO score.

Let us discuss some techniques for possibly boosting your credit score when you need to apply for an auto / car loan:

  • Credit cards, reduce your credit liability to less than 30%.
  • Register for Experian Boost to have your telephone and utility bill payments counted toward your credit rating.
  • Get on top of as many bills and outstanding debts as possible.
  • A few loan companies are willing to pardon one-off issues and get them removed from your credit history. Establish if this is relevant where you are concerned.
  • Obtain free credit reports, examine them for mistakes and challenge any that you find.