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What Credit Score is Needed to Finance a Car?

Credit History

Wondering what credit score you need to finance a car? Curious about bad credit car financing through Hyundai? While there is not necessarily a specific credit score required to finance a car, a higher score typically results in better loan terms. Still, Baytown Hyundai accommodates drivers in the Houston area with a wide range of financial backgrounds, so you can come to us with confidence that our finance team will work hard to take care of you and put you behind the wheel of a car you love, whether new or used. Read on to learn more about how credit scores influence your financing opportunities in this guide from Baytown Hyundai.

Average Credit Score to Finance a Car in Houston

In 2020, the average credit score of drivers who procured auto loans was 721 for new cars and 657 for used cars. As we previously mentioned, Baytown Hyundai will work with you regardless of your credit score, but keep in mind that a lower credit score typically translates to a higher interest rate for your loan. Below is how credit scores are typically categorized:

  • Superprime: 781 to 850
  • Prime: 661 to 780
  • Non-prime: 601 to 660
  • Subprime: 501 to 600
  • Deep Subprime: 300 to 500

Tips for Getting Bad Credit Car Financing

You now have a sense of what credit score is needed to finance a car and secure a low interest rate. However, if you suspect that your credit score is in the subprime or deep subprime category, all hope isn’t lost! Here are a few tips to help you get a bad credit car finance plan:

  • Focus on Positives: Demonstrate your financially positive actions. Prove that you pay loans on time each month, for example.
  • Bring Proof: Bring documentation to the dealership that proves you are responsible and will be able to pay your auto loan on time each month. These documents may include pay stubs, proof of address, cell phone bills, and more.
  • Show Collateral: Do you own your home? Can you put forward a substantial amount for your down payment (at least 25%)? Either of these will help you to qualify for an auto loan and pay less interest over time.

Discuss Your Auto Financing Options With Baytown Hyundai

If you need further guidance on how your credit score impacts your auto financing terms, Baytown Hyundai is here to help. Get in touch with our team with any questions, and feel free to utilize our online payment calculator to set a budget for yourself. We look forward to working with you!

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