Will a 690 Credit Score Get Me an Auto Loan with a low interest rate?

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Q: I am going to try for an auto loan this week and I only have a credit score of 690. Will that be good enough to obtain a low interest car loan?

A: It is quite possible to successfully apply for an auto loan with a credit score of 690 and get a low interest rate. Look at this data which comes directly from Experian:

If you have a credit score around 690, you’re going to have the best expectation of being approved for finance if you put in an application for vehicle loans online. Taking this path makes it easy to do a comparison of offers from a larger selection of finance companies. If you aren’t certain where to begin, have a read of our suggestions list.

Required Credit Score
Up to $40,000
Starting at 5.99%
Bad credit
Loan Terms
2 months to 5 years
Up to $50,000
Individual rates
Bad credit
Loan Terms
6 months to 6 years
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The same response works for auto loans for people with a credit score of 691, 692, 693, 694, 695, 696, 697, 698 and 699.

How you can improve your credit rating and interest rate

While you’re able to put in a successful application for an auto loan or personal loan with a 690 credit score, you might be entitled to a slightly more reasonable rate if you’re able to put an advance payment down on the car. You can also have a go at elevating your current FICO score.

Listed below are a few tips on potentially increasing your credit score before applying for a car / auto loan:

  • Request free credit reports, examine them for flaws and challenge those that you find.
  • Credit cards, decrease your credit liability to less than thirty percent.
  • Pay off as many bills and outstanding debts as you can.
  • Some loan creditors are prepared to forgive one-time mistakes and get them expunged from your record. Check if this is applicable to your situation.
  • Get registered on Experian Boost so your utilities and phone bill payments counted toward your credit scores.