What Credit Score is Needed to Finance a Car?
What Credit Score is Needed to Finance a Car?
Loudoun County shoppers interested in a new or pre-owned car should consider the credit score to finance a car at BMW of Sterling. Are you trying to obtain a bad credit car finance plan? At BMW of Sterling, we help those with little to no credit get the right car or SUV for their Dc Metro area travels and everyday needs.
Learn how to get approved for financing below, and don't hesitate to call our finance team to learn more about your options. We work hard to ensure your shopping experience is smooth and stress-free.
What's the Average Credit Score to Finance a Car?
For auto loans in 2020, drivers had an average credit score of 721 for a new vehicle and 657 for a used one. Virginia and Maryland drivers can still get a bad credit car finance loan but can pay higher interest rates.
Let's explore the different health categories for credit scores:
Superprime: 781 to 850
Prime: 661 to 780
Non-prime: 601 to 660
Subprime: 501 to 600
Deep Subprime: 300 to 500
How to Get Car Financing With Bad Credit
What's the credit score to finance a car? It depends, but DMV DC area drivers with a subprime credit score can still secure financing for their dream car, though they will have to consider the following:
Focus on Positives: If you prove that you’ve made excellent financial actions, you can improve your chances of getting the loan.
Bring Proof: Bring pay stubs, proof of address, cell phone bills, auto insurance documents, and proof that you have a job. You want to show that you're responsible and in a position where you can pay off a loan score.
Show Collateral: If you own a home or can put down a considerable down payment (at least 25%), you can get auto financing and a great interest rate.
Discuss Your Financing Options With BMW of Sterling Today!
Want to know more about the credit score to finance a car? Visit our finance center today! Our experts will discuss your options and the car-buying process, then help create a financial package that fits within your budget. Have any questions in the meantime? Feel free to give us a call.