DRIVE IT RIGHT...DRIVE WITH PERFORMANCE
Whether your credit history is less-than-perfect or nonexistent, strong and solid or somewhere in the middle, there will likely come a time when you have to purchase a new vehicle, leaving you wondering if you have the credit score to finance a car successfully. Fortunately, the majority of Pompton Plains and Randolph car buyers have options, as local dealerships offer bad credit car finance solutions for most budgets. In this guide, our finance department here at Performance Auto Group tells you what you need to know about credit scores and auto financing–and provides an answer to that common question, “What credit score is needed to finance a car?”
The average credit score of drivers who took out auto loans in 2023 is 742 for new vehicle buyers and 677 for used car buyers. With that said, you can still qualify for bad credit car finance options; you’ll just have to pay higher interest rates. Your credit score falls into one of five lending categories, and the higher the numbers in your category, the stronger your credit, and the less interest you’ll generally have to pay. The five categories are as follows:
Most car dealers are more than happy to accommodate buyers with all types of credit histories. Just what credit score is needed to finance a car? Well, the exact answer depends on how much you want to finance and your own personal credit history. Even if your credit is far from where you’d like it to be, you can still seek bad credit car finance solutions. Here are a few tips to get you started:
So, what credit score is needed to finance a car? As you can see, that answer depends, but most buyers will have no trouble finding a financing option that works for their budget. We invite you to check out our new vehicle selection, stop by our dealership for a test drive, and visit with our finance team while you’re here. We are conveniently located in Wayne, just a short drive from Whippany. We’re confident we’ll be able to match you with a loan that fits your specific financial needs!