What Credit Score Do You Need to Finance a Car?

Apply for FinancingContact Us

At Pride Kia of Lynn, our convenient financing options make it easy for you to fit your next vehicle comfortably within your budget. But it’s not uncommon to have some questions about financing and its requirements: What credit score do you need to finance a car? How does your credit score impact your ability to secure financing? To ensure you find the right vehicle for your Revere and East Boston driving needs, as well as your budget, our finance team offers these insights into credit scores and car financing.

What are the Average Credit Scores Needed to Finance a Car?

Let’s start with the most pressing question. What credit score do you need to finance a car? In general, most lenders require a credit score of at least 600 to qualify for a traditional car loan. Every borrower falls into a specific credit score category, which lenders use to determine eligibility for auto loans:

  • Superprime – 781 to 850
  • Prime – 661 to 780
  • Non-prime – 601 to 660
  • Subprime – 501 to 600
  • Deep Subprime – 300 to 500

How Do You Get Auto Financing with Bad Credit?

The good news is that Pride Kia of Lynn is happy to work with buyers regardless of credit history. Even if your credit score falls below the minimum needed for a traditional auto loan, you still likely have some options worth exploring. Here are a few ways you can improve the likelihood of an approval when your credit is less than stellar:

  • Demonstrate Your Creditworthiness – If you can show that you’re a responsible borrower, obtaining an auto loan with poor credit is more squarely within your reach. For example, if your credit is diminished by specific types of bills–medical debt or business debt, say–and this is evident from your credit history, you stand a much better chance of an approval.
  • Provide Documentation – Bring along any proof that shows your creditworthiness. This might include pay stubs, proof of accounts in good standing, your current car insurance documentation–anything that shows the lender you are a serious buyer able to repay what you owe.
  • Put Up Collateral – Do you own your home? If so, you may be able to use your home equity as collateral when applying for a loan, which can strengthen your standing with potential lenders.
  • Make a Sizable Down Payment – If you can put down at least 25% of the vehicle purchase price, you have significantly greater odds of getting approved for an auto loan.

Let Pride Kia of Lynn Help You Secure Bad Credit Financing

Our finance team is here to help, no matter what your credit score might be. Contact us to schedule an appointment, and start exploring your options. You can also stop by and see us in Lynn; we’re just a short drive from Winthrop. Your next new vehicle–or new-to-you vehicle–awaits at Pride Kia of Lynn!