What credit score is needed to buy a car- Know the Best credit score

If you have plan of buying a car then probably you will like to have best car loan, then believe it there are lot of options to acquire it. Though, every loan can look into one important factor that is credit score which it plays vital role when acquiring for a loan at bets interest rate. This make you to think what credit score is needed to buy a car? Right, well let me tell you through this article, read on

Higher score, lower interest

Well, now it’s time to know what is a good credit score to buy a car? Then it generally speaks, if credit score is above 740 then there are high chances of getting good interest rate which you look for it. It means you can acquire loan of interest rate between 3 to 4 percentages. If you have 739 to 680 credit score then there will be slight high in interest rate. If your credit score is less than 680, then the interest rate will be too high for you that 4 to 5 percentage. The reason behind high score is, that make the loan providers to believe that you will be able to pay amount on time.

Can you acquire a car by poor credit?

If you have poor credit score then there are various factors need to consider. Buying a car for poor credit depends on various policies and standards of dealership. People with below 680 can be able to get loan but they must pay high interest rate. The interest rate for low credit score is between 6 to 12 percentages. Also there are places which provide financing by weekly payments and no need of credit score but they might charge high interest rate. So make sure to have good credit history when you look for a loan to get a car without in budget.