Will a 800 Credit Score Get Me an Auto Loan with a low rate of interest?

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Q: I’ve got to submit an application for an auto loan in the next few months, I’ve got a credit score of 800. Will I be able to get a car loan with a low interest rate?

A: It is definitely possible to apply successfully for an auto loan with a 800 credit score and get a low interest rate. Consider this data which comes straight from the credit rating company Experian:

If your credit score is in the region of 800, you’ll have the best odds of approval for that loan if you try for vehicle loans online. This means that it’s very easy to compare offers from a huge choice of lenders. If you are not certain how to start this process, look at our extensive services list.

Required Credit Score
580
Amounts
Up to $40,000
APR
Starting at 5.99%
Bad credit
Allowed
Loan Terms
2 months to 5 years
Amounts
Up to $40,000
APR
Starting at 5.34%
Bad credit
Allowed
Loan Terms
2 months to 6 years
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The very same solution is valid for auto loans for those with a credit score of 801, 802, 803, 804, 805, 806, 807, 808 and 809.

How you can improve your interest rate & credit rating

While you may put in a successful request for an auto loan or a personal loan with a 800 credit score, it is possible that you might get a more competitive interest rate if you pay a bigger deposit on the vehicle.

Listed here are some tips on perhaps elevating your credit score even more before applying for a car / auto loan:

  • Join Experian Boost so your phone and utility bill payments count towards your credit rating.
  • Get current on as many bills and debts as possible.
  • Credit cards, lower your credit liability to less than 30%.
  • Order free credit reports, check them out for mistakes and dispute those that you come across.
  • Many loan companies sometimes pardon one-time failures and expunge them from your record. Find out if this can be applied where you’re concerned.