What credit score do you need to be approved for most car loans?

April 10, 2024

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661 or higher

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One may also ask, what credit score is needed for a 2021 car?

For best results, you should aim for at least a FICO score of 660 before applying for a new car loan.

In respect to this, what FICO score do car dealers use?

FICO Score 8

Regarding this, what is the average interest rate on a car loan with a 500 credit score?

People with credit scores of 500 or lower received an average rate of 13.97% for new-car loans and 20.67% for used-car loans in the second quarter of 2020, according to the Experian State of the Automotive Finance Market report.

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