Will a 740 Credit Score Get Me an Auto Loan with a low rate of interest?

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Q: I’m hoping to put in an application for an auto loan this week, but I’ve got a credit score of 740. Is that going to be enough to get a low interest car loan?

A: It is entirely possible to apply successfully for an auto loan with a 740 credit score and get offers of low interest rates. Think carefully about this information which comes straight from Experian:

With a credit score of about 740, you’re going to have the best luck being approved for a car loan if you apply for vehicle loans online. Doing this makes it straightforward to compare the prices from a huge array of lenders. If you are not certain where to begin, inspect our handy list of recommendations.

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
« Show more alternatives »

Precisely the same resolution works for auto loans for those having a credit score of 741, 742, 743, 744, 745, 746, 747, 748 and 749.

How to improve your credit score and interest rate

Though it’s possible to successfully submit a request for a personal loan or auto loan with a 740 credit score, it is possible that you may qualify for a more reasonable rate if you pay a bigger deposit on the car in question. You might also have a shot at improving your own FICO score.

Let me share some strategies for potentially increasing your credit score before you apply for an auto / car loan:

  • Get on top of as many outstanding debts and bills as is possible.
  • Order free credit reports, examine them for flaws and contest those that you find.
  • Various loan providers are willing to pardon one-time failures and wipe them from your record. Check into this if it applies to your situation.
  • Sign up for Experian Boost to have your telephone and utility payments counted towards your credit rating.
  • Credit cards, decrease the amount of your credit you are using below thirty percent.