What Credit Score is Needed to Finance a Car?

Finance Paperwork with Glasses

 

The average credit score that’s needed to finance a used car in Henderson with regular financing (favorable rates) was 657 in 2020. But your credit score can be much lower if you’re open to an alternative, or bad credit car finance solution. Don’t dismay if your credit score is lower than you’d like it to be; we here at the Hyundai of Las Vegas finance center will work to help you secure a loan or lease that meets your needs and budget. Don’t forget to check out our applicable current incentives and offers for top-notch savings.

 

Average Credit Score to Finance a Car

The average credit score of drivers who have been approved for car loans as of the year 2020 was 721 for a new vehicle and 657 for a used car

Trying to obtain a car loan in North Las Vegas or Paradise? Here are the average rates required for different types of loans, ranked by interest rate favorability. Note that even with a credit score as low as around 300, you may be able to obtain deep subprime bad credit car financing.

  • 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

There’s not really a minimum credit score to be able to obtain vehicle credit, per se — it’s more a question of how bad your credit score affects your interest rate. If you get approved for a deep subprime loan, for instance, you may pay monthly for a Hyundai Accent what someone else pays for a Hyundai Sonata or Tucson. That said, you should keep these things in mind when looking to apply for financing:

  • Prove Your Lending Potential: Bring pay stubs, proof of address, cell phone bills, auto insurance documents, and proof that you’re currently working. Any document that can show you’re responsible and you’re in a position to pay off your car loan despite your credit score will help. 
  • Remember, Collateral is Your Friend: If you own a home or are able to put down a substantial down payment (at least 25%), you’re far more likely to qualify for auto financing and get a good interest rate to boot.
  • Accentuate Positives: If you can demonstrate that you’ve made positive financial actions, you’ll increase your odds of securing a loan. For instance, if you’ve never missed a credit payment, but your credit score has been marred by business debt, you’re in a better position.

Discuss Your Options with Hyundai of Las Vegas

Ready to figure out what credit score is needed to finance a car the way you want, with favorable monthly payments that work with your budget? Hyundai of Las Vegas is here to help! Give us a call at 725-236-4400 now or visit us in Las Vegas. Meanwhile, feel free to check out our current new and used vehicles for sale.

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