If this is your first time getting auto-financing on a vehicle in Pottstown, you might be unsure if you have a good enough credit score to secure a loan on a car. So, you may be wondering, “What credit score is needed to finance a car?” Most lenders are looking for what is considered a “prime score,” or “fair” score, but if your credit score is less than prime, don’t fret—you can still get bad credit car finance. Read on with the finance team from Springfield Mitsubishi - Reading to learn more about the credit scores to finance a car, and what you can do to secure a loan with poor credit
There is no “specific” score needed to finance a car, but ideally, most lenders in Lancaster are looking for a “fair score,” above 661, to get a respectable interest rate. See the credit scores below:
If you find that your score is poor, there are some actions you can take to ensure that you can get a loan. Just know that you can expect higher interest rates on a car loan, the lower your score is.
Securing a car loan with a poor credit score in Allentown can seem like an impossible task, but not all hope is lost. Some dealerships like Springfield Mitsubishi - Reading are willing to work with those who have subprime credit if they show that they’re willing to make better financial decisions. But more likely than not, if you have poor credit, you’ll be dealing with higher interest rates, and you certainly won’t be getting your dream car. Luckily, if you have poor credit and you are able to get approved for a car loan, you have a huge opportunity to boost your credit score. But before you go to apply for any loans with any lenders, here’s what you should do:
Not everyone has the best credit score to finance a car in Reading, and that’s okay. People make mistakes, and people can also change. That’s why the finance team at Springfield Mitsubishi - Reading is willing to help with bad credit car finance. We’ll help you figure out whether or not a bad credit car finance loan is right for you. For more information, check out our other finance and car buying tips, or contact us online.
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610-994-2667
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