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Average Credit Rating Score

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Dolores Said:

I have an average credit score of 660 from the three credit bureaus. Can I get a car loan? If so at what rate?

We Answered:

Now for the correct answer.

Auto finance is what I do for a living and it depends. Auto loans are based on the following factors;

1. LTV (loan to value).
2. Term.
3. Age of vehicle.
4. Miles on vehicle.
5. Down payment.
6. Time on job.
7. Time at residence.
8. Monthly income before taxes.
9. Credit score/profile.
10. Total debt to income ratio.

I look at credit every day and I see people every month with scores of 700 that can not buy a car because their credit profile is made up of 1 credit card with a $500.00 limit paid 15-times and a couple of student loans. While this type of profile generates a great score, it doe's not show the ability or the willingness to actually pay one one.

The only way you will know for sure is to go to the dealership.

Without actually looking at your credit, no one here can answer your question.

Erik Said:

How much credit score for this much APR for a car?

We Answered:

I would say yes

Dawn Said:

Why auto insurance premium dependent on credit score? I think it is unfair.?

We Answered:

For California, my understanding is, a credit score has nothing to do with the "rating" of premium, that is to say its not a rating computation factor. A credit score only determines "eligibility" into insurance programs or the availability of all the payment options. A not so good credit score may not make you eligible for payments in their top tier company that has their best rates so you are offered payments that you qualify for in a lower tier program but has a bit higher rates. However, if you pay the entire term premium in full for their top tier program, the credit score will/should have no bearing on your premium and you will recieve the exact same total premium as a person with a "good" credit score. The good news is there are plenty of insurance companies that do not take credit score into account in offering you their best rates. If you are in California, go to www.qwiksilverinsurance.com for a free on-line insurance quote. Best of luck to you!

Brittany Said:

what whould the average interest rate with a 643 credit score for an auto loan?

We Answered:

Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool - carinsurance.yoll.net

Chester Said:

I have an average credit score of 660 from the three credit bureaus. Can I get a car loan? if so at what rate?

We Answered:

It depends on which lender and if there are any special interest rates available, such as 2.9% for 60mo. Your credit score, debt-to-income, loan-to-value, as well as employment history will dictate what tier level you will be. This level is what most manufacturer lenders, such and Ford Credit, GMAC, and so on base their approvals. Your score is more than enough to qualify for a low manufacturer APR, so the rest of the loan needs to be in order to give you a better tier level. This makes it easier for people to qualify for special interest rates.

If you go through an outside lender, many of them use your score to base your rate, which would put you in the middle and then your rate depends on what the lender offers. Getting approved should be pretty easy for you, as long as the rest of the loan is OK. Good luck and you can email me if you have more questions.

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The only way you will know for sure is to go to the dealership.

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