According To Experian’s State Of The Automotive Finance Market Report, The Average Interest Rate For Borrowers With Very Poor Credit Was 14.76 Percent For New Cars And 20.99.

In general, borrowers will pay a higher interest rate for a used car loan. A fair credit score of 650 is generally sufficient for getting a car loan. Auto lenders use credit scores to determine how likely you are to repay a car loan.

Auto Lenders Who Accept An Applicant With A Low Or No Credit Score Will Typically Charge.

Credit scores calculated using the fico or vantagescore 3.0 scoring models range from 300 to 850. Transunion offers creditvision, which is tailored for auto lenders, financing companies, and dealers. According to a 2017 report from vantagescore solutions and financial consulting firm oliver wyman, auto lenders used a vantagescore credit score for more than 70% of new auto loan.

Those Scores Are Broken Down Into Five Categories, Though The Breakdowns.

A credit score is a numerical representation of the data in your credit report. The average interest rate on loans for used cars is 8.62%. If you have a high credit score, you can expect.

The Average Rate For A.

For a 750 credit score, the average auto loan rate is about 3.48 percent for new cars and 5.49 percent for used cars. With a credit score of 800 to 809, you should qualify for the best apr a lender offers. Average interest rate for used car loans.

What Is The Minimum Credit Score To Buy A Car?

692 credit score car loan options a 692 score should easily secure you a car loan. New car loans have an average credit score of 732. Experian's quarterly state of the automotive finance market takes a look at the average auto loan interest rate paid by borrowers whose scores are in various credit score ranges.