What Credit Score Is Needed to Buy a Car?
Do you need something new or new to you to drive around Mount Vernon? If so, then you’ve probably already started shopping around for a new or pre-owned vehicle. But, have you checked your credit score? If you haven’t, you may want to look through this guide put together by the car-buying experts at Victory Mitsubishi. We’ll cover all of the important tips and details regarding your credit score and how it affects your buying power!
What Is the Average Credit Score?
What kind of credit score should you strive for in order to confidently buy a car? Most New Rochelle drivers have a credit score of around 700, which is pretty good! To give you an idea of how lenders view credit scores, here’s a rating chart we put together:
- Superprime: 781 – 850
- Prime: 661 – 780
- Non-prime: 601 – 660
- Subprime: 501 – 600
- Deep Subprime: 300 – 500
Even if your credit score falls into the subprime or deep subprime range, don’t worry! There are still ways to get an auto loan even if your credit isn’t that great.
Financing a Car With Bad Credit
It’s not the end of your car-buying journey if your credit score isn’t fantastic. There are still plenty of options you have, including:
- Making Payments: If you can show that you’ve never missed a credit payment and that your credit score was affected through other means, this will improve your chances of getting approved by lenders.
- Show Documentation: If you can show that you have a steady stream of income and that you’re fiscally responsible, it’ll show lenders that you’re in a good position to buy a car. Here’s some great documentation to show lenders:
- Pay stubs
- Proof of address
- Cell phone bills
- Car insurance papers
- Proof of employment
- Offer Something as Collateral: If you can make a large downpayment, at least 25%, or can show you own a home, you’re more likely to get approved for financing with a good interest rate.
For more ways to get financing with low credit, visit Victory Mitsubishi!
Check Your Credit Score in Bronx!
If you’re not sure what your credit score is, don’t worry! Contact Victory Mitsubishi to speak with our finance team, and we can check your credit score. We can also help you apply for financing! Whatever your driving needs are around Westchester, we’ll help you get approved.