Will a 695 Credit Score Get Me an Auto Loan with low interest?

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Q: My intention is to make an application for an auto loan soon and I only have a credit score of 695. Will that be sufficient to obtain a car loan with a low interest rate?

A: It’s entirely possible to apply successfully for an auto loan with a credit score of only 695 and get low interest rate offers. Think carefully about this information from Experian:

If you’ve got a credit score of about 695, you can expect to have the best luck being approved for finance if you submit an application for vehicle loans online. Doing so means it is a possibility to compare the prices from a large diversity of loan companies. If you aren’t sure how to go about this, have a read of our handy list of suggestions.

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 strategy is valid for auto loans for borrowers with credit scores of 696, 697, 698, 699, 700, 701, 702, 703 and 704.

How to improve your credit rating and interest rate

Although you may successfully apply for a personal loan or auto loan with a 695 credit score, you may be able to get a slightly more reasonable interest rate if you pay a bigger deposit on the vehicle. You might also have a go at elevating your current FICO score.

Listed here are some tips on perhaps raising your credit score before you apply for an auto / car loan:

  • Certain loan creditors will occasionally pardon one-time slip-ups and get them expunged from your record. Check into this if it applies in your case.
  • Join Experian Boost to get your utility and phone payments to count toward your credit score.
  • Credit cards, reduce your credit amount to less than thirty percent.
  • Get up-to-date on as many debts and bills as possible.
  • Obtain free credit reports, check them out for flaws and challenge those that you discover.