What Credit Score Is Needed to Buy a Car?

Share this article:
Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
What Is a Credit Score?
300–579: Poor 580–669: Fair 670–739: Good 740–799: Very Good 800–850: Excellent
Why Is Your Credit Score So Important When You’re Buying a Car?
What Credit Score Do I Need to Buy a Car?
Can I Get an Auto Loan with Bad Credit?
How Can I Monitor My Credit Score?
How Can I Improve My Credit Score?
Make sure your credit reports are accurate and complete. Next, make sure you are paying your bills on time and in full. Late payments can have big negative effects on your score. Consider setting up bill autopay to make sure you get your payments in on time. Your credit utilization ratio—the amount of credit card debt you carry compared to the amount you have available—may also play a big role in calculating your credit score. Paying off your credit cards can boost this ratio and help improve your score. You can also try self-reporting information such as utilities and telecommunications payments to shore up your credit score.
Will a Car Loan Raise My Credit Score?
The Takeaway
SOLC0421062
About the Author
Austin Kilham is a writer and journalist based in Los Angeles. He focuses on personal finance, retirement, business, and health care with an eye toward helping others understand complex topics.
Share this article: