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So, you’re in the market for a new car? It’s important to understand that your credit score plays a major factor in the auto loan interest rate you’ll receive. But what is considered a good credit score for buying a car? Let’s take a look at some information on auto loan rates and what you can do to improve your chances of getting a good deal.
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Best Car Loans 2020
When it comes to securing a car loan, it’s important to shop around and compare rates. The ValueChampion Singapore website has put together a helpful list of the best car loans for 2020. Take a look at their recommendations to see if any of these lenders could be a good fit for you.
Auto Loan Rates by Credit Score
As mentioned previously, your credit score can greatly impact the interest rate you receive on your car loan. This chart from the CreditRepair.com blog breaks down what you can expect to pay based on your score.
As you can see, a credit score of 700 or above will typically get you the best rates. However, even if your score is lower, there are still ways to improve your chances of getting a good deal.
How a Bad Credit Score Can Affect Your Auto Loan Rate
If your credit score is on the lower end, you may be wondering how much it will impact your auto loan interest rate. This infographic from UsedCars-Cars.com breaks down the potential impact of a poor credit score.
As you can see, someone with a credit score of 500-589 could end up paying over 17% in interest on their auto loan. That’s a huge difference compared to someone with a score of 720+ who could pay as little as 3.24%.
Improving Your Credit Score
If your credit score is less than ideal, don’t give up hope. There are steps you can take to improve your score and increase your chances of getting a better interest rate on your car loan.
1. Pay Your Bills on Time
One of the biggest factors in determining your credit score is your payment history. Make sure to pay all of your bills on time, including credit cards, loans, and utilities.
2. Keep Your Credit Utilization Low
Another factor that impacts your credit score is your credit utilization ratio. This is the amount of credit you’re using compared to your credit limit. Try to keep your ratio below 30% to improve your score.
3. Check Your Credit Report
Check your credit report regularly to make sure there are no errors or inaccuracies. If you do find an error, be sure to dispute it right away to have it corrected.
4. Don’t Apply for Too Much Credit
Every time you apply for credit, it shows up on your credit report and can lower your score. Try to limit your credit applications as much as possible.
Final Thoughts
Getting a good interest rate on your auto loan can save you thousands of dollars over the life of your loan. By understanding how your credit score impacts your rate and taking steps to improve your score, you can increase your chances of getting a better deal. Remember to shop around and compare rates from multiple lenders to find the best deal for you.
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