What interest rate can I get with a 676 credit score on an auto loan?
There is no set minimum FICO® Score to get a car loan. However, a good score at 720 or better will get you the best rate. Consider spending some time improving your credit score before shopping for your next car. Even moving up a few points can make a big difference if you have a low score.
There is no set minimum FICO® Score to get a car loan. However, a good score at 720 or better will get you the best rate. Consider spending some time improving your credit score before shopping for your next car. Even moving up a few points can make a big difference if you have a low score.
| Credit score | Average APR, new car | Average APR, used car |
|---|---|---|
| Prime: 661-780. | 7.01%. | 9.73%. |
| Nonprime: 601-660. | 9.60%. | 14.12%. |
| Subprime: 501-600. | 12.28%. | 18.89%. |
| Deep subprime: 300-500. | 14.78%. | 21.55%. |
You can obtain a personal loan with a 676 credit score, but not all lenders may approve your application. Some lenders may require higher credit scores, often well into the 700s for consideration. However, depending on the lender, you may be eligible for a personal loan with competitive terms.
Car Loan APRs by Credit Score
Excellent (750 - 850): 2.96 percent for new, 3.68 percent for used. Good (700 - 749): 4.03 percent for new, 5.53 percent for used. Fair (650 - 699): 6.75 percent for new, 10.33 percent for used.
Credit score: You might need a credit score of at least 740 to be considered for a 0% APR loan. The minimum credit score depends on the dealership and the car you're interested in purchasing.
Still, you typically need a good credit score of 661 or higher to qualify for an auto loan. About 69% of retail vehicle financing is for borrowers with credit scores of 661 or higher, according to Experian. Meanwhile, low-credit borrowers with scores of 600 or lower accounted for only 14% of auto loans.
The three major credit bureaus are Experian, TransUnion and Equifax. The two big credit scoring models used by auto lenders are FICO® Auto Score and Vantage.
If you can get a rate under 6% for a used car, this is likely to be considered a good APR.
| Company | Used APR Range | Used Loan Terms |
|---|---|---|
| PenFed Best Overall | 6.49%–17.99% | 3–7 years |
| AUTOPAY Best for Bad Credit/Low Rates | As low as 5.69% | 2–8 years |
| Consumers Credit Union Best Credit Union | As low as 6.84% | 36–84 months |
| LendingTree Best for Refinance | As low as 5.99% (Refinance) | 36–72 months (Refinance) |
Is a FICO score of 676 good?
A FICO® Score of 676 falls within a span of scores, from 670 to 739, that are categorized as Good. The average U.S. FICO® Score, 714, falls within the Good range.
- Check your credit reports.
- Pay all your bills on time.
- Focus on paying down your debts.
- Don't max out your credit cards.
- Maintain a variety of credit accounts.
A very poor credit score is in the range of 300 – 600, with 601 – 660 considered to be poor. A score of 661 – 720 is fair. And an excellent score is in the range of 781 – 850.
Key takeaways. Your credit card APR can go up if the prime rate changes, you paid your credit card bill late, your intro APR offer ended or your credit score dropped. If your APR increases, you can work on paying down your balance or transfer your balance to a card with a low or 0 percent intro APR offer.
People with excellent credit qualified for rates around 5.64 percent, while people with bad credit had an average new car rate of 14.78 percent. Rates for used cars were higher — 11.93 percent across credit scores. And the average rate for bad credit was a sky-high 21.55 percent.
What is a good APR for a car loan with my credit score and desired vehicle? If you have excellent credit (750 or higher), the average auto loan rates are 5.07% for a new car and 5.32% for a used car. If you have good credit (700-749), the average auto loan rates are 6.02% for a new car and 6.27% for a used car.
0% APR car finance is generally only available for new cars. Where it is available on used cars, this typically means you'll be paying an artificially high cash price, as dealers often inflate the price to cover what they lose by not charging interest.
Most used auto loans go to borrowers with minimum credit scores of at least 675. For new auto loans, most borrowers have scores of around 730. The minimum credit score needed for a new car may be around 600, but those with excellent credit often get lower rates and lower monthly payments.
A FICO auto score is a credit score created specifically for auto loans and leases. It takes into account the same factors as a regular FICO score, such as payment history, length of credit history, and amount of debt, but places more emphasis on your history of auto loan payments.
A down payment between 10 to 20 percent of the vehicle price is the general recommendation. But if you can afford a larger down payment, you can save even more money on interest payments over the life of the loan. By dropping the amount financed, you save some even before you start negotiating the car price.
What credit score do you need to buy a $30000 car?
There isn't one specific score that's required to buy a car because lenders have different standards. However, the vast majority of borrowers have scores of 661 or higher.
How fast will a car loan raise my credit score? There's no set time frame for how long it takes a car loan to improve your credit score. After buying a car, you can expect to see your score improve after making monthly payments on time and paying down your loan balance.
While some dealerships look at your base FICO score, others might look at your FICO Auto Score. This industry-specific rating provides a more accurate picture of the likelihood of you repaying an auto loan instead of the likelihood of you repaying any credit obligation.
The base FICO score is also called FICO Score 8 or 9. It's not designed specifically for auto loans, but many lenders use it. It's a number between 300 and 850, and a higher score means that a person is more likely to make loan payments on time.
Auto lenders may rely more on Equifax and Experian for credit report insights, but TransUnion also sells consumer data to a number of automotive lenders. Credit scoring models such as FICO® Auto Score 9 generate a credit score based on the debt and payment information in a consumer's credit report.
