What Does My Credit Score Need to Be to Finance a Vehicle?

Looking to finance a new car in Birmingham? Many spend plenty of time wondering how their credit score will affect their ability to finance a vehicle. That’s why the finance center at Edwards Chevrolet Co., Inc. covers the ins and outs of credit scores and car financing below!

Bad Credit Car Finance Tips 

If you think your credit score isn’t ideal, there are still tons of bad credit car finance tips to take into consideration when you’re shopping for a new car in Gardendale. In fact, these are strategies anyone can use to get a solid financing plan for their vehicle: 

• Come with Receipts: Documentation of your bills, pay stubs, proof of employment, and proof of your address will help build your case for an auto loan. 

• Show Positive Payment Habits: There are lots of reasons many drivers have a less-than-ideal credit score. If you can show proof that you’re able to raise your score with documentation of other payments in Hoover, such as payments for other cars, this should help you get a loan with a good interest rate. 

• Collateral: Large down payments, trade-ins, and even proof of homeownership can help you with car financing. 

• Leasing: Don’t have the credit score to finance a car? Leasing a vehicle is always a great way to get a feature-heavy new vehicle while saving money. The dealer still owns the vehicle and your lease will have restrictions such as mileage limits, but these stipulations reassure the dealer and lower your payments. 

Ideal Credit Score to Finance a Car

A high credit score can net you a low interest rate on your next Bessemer vehicle. It’s important to note that the best credit score to finance a car changes if the car is used. 

• Average Credit Score to Finance a New Car: 714 (“Prime”)
• Average Credit Score to Finance a Used Car: 655 (“Non-Prime”) 

Think you have a good enough credit score to finance a car? Now, it’s possible to securely apply for financing online! 

Finance a Car with Edwards Chevrolet Co., Inc.!

At Edwards Chevrolet Co., Inc., we try to help Birmingham drivers on all parts of the credit spectrum with new vehicle specials and car buying tips for all sorts of needs. Please contact us today with any questions about bad credit car finance strategies, leasing options, and more.