What Credit Score is Needed to Finance a Car?

Many Kansas City, MO-area drivers aren’t sure they have a good credit score to finance a car. If this sounds familiar, you might not be sure what to expect. The good news is that many Wichita, KS-area dealerships offer bad credit car finance options. While that might seem scary, taking on a big loan when you can pay it off can be one of the best ways to improve your credit score.

Learn what credit score is needed to finance a car in Merriam with the team at Alfa Romeo Kansas City. Discover what this process involves and explore our new vehicle specials to save on your next Merriam ride.

Average Credit Score to Finance a Car

So, what credit score is needed to finance a car? In 2023, the average score of drivers who procured auto loans was 735 for a new vehicle and 690 for a pre-owned model. That said, the lower your credit score the higher the interest rate you’ll pay. Here’s how the different health categories for credit scores break down:

• 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

What’s the best credit score to finance a car? This can depend. Omaha, NE-area drivers with a deep subprime credit score can still secure bad credit car finance loans. However, you’ll need to keep the following in mind:

• Focus on Positives: If you demonstrate to our team that you’ve made positive financial actions, you can increase your odds of securing a loan. For example, if you never missed a payment, but your credit score has been marred by business debt, you’re in a better position.
• Bring Proof: Bring along pay stubs, proof of address, cell phone bills, auto insurance bills, and proof you’re currently working. Any document that showcases you’re fiscally responsible and can pay off your loan can help in your favor.
• Show Collateral: If you own a home and can make a substantial down payment (At least 25%), you’re far more likely to qualify for auto financing and get a great interest rate. 

Discuss Your Car Finance Options With Alfa Romeo Kansas City  

If you’re still wondering what credit score is needed to finance a car, reach out to our team of auto experts. We’ll explore your situation and determine whether a bad credit car finance loan is best for you. Start the process from home by getting pre-qualified. Before agreeing to a finance plan, find out how much you’ll pay per month with our monthly calculator. Explore all your car financing needs in Merriam with Alfa Romeo Kansas City.