Do I Need a Good Credit Score to Finance a Car?

Are you eager to drive home in a new vehicle, but need to know what credit score is needed to finance a car before you can move forward? You’re not alone. Many Overland Park drivers know they’re in need of a new vehicle but are hesitant to take the next steps because they aren’t sure if they have the right credit score to finance a car. If your credit score is somewhere between 661 to 850, you’re in excellent shape! But if you have a lower credit score, not to worry. There are bad credit car finance solutions available to you, and you can still secure a workable payment plan.

What is the Best Credit Score to Finance a Car?

Currently, the average credit score to finance a car is 721 for new vehicles and 657 for used vehicles. If you’re on the lower end of that range–or below it–there are likely bad credit car finance options you can pursue. At Olathe Dodge Chrysler Jeep Ram, our goal is to help every customer who visits from Gardner and Springhill to find a vehicle they love at a price they can afford! You can work directly with our finance center to be connected with top lenders in the area that can work with your credit score.

To help you understand how lenders may perceive your current credit score, take a look at this breakdown of credit health categories:

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

How to Get Bad Credit Car Finance

If you’re feeling stressed or upset about seeking out bad credit car finance, remember this: once you secure the loan, you can utilize the regular payments to start building your credit. Think of this as the starting point for you to rebuild your credit! Financial setbacks can happen to anyone, which is why dealerships like ours are here to work with you.

Keep the following tips in mind to help get a car loan with low credit:

• Show Your Best Self: Your credit score doesn’t always reflect your financial responsibility. If your credit took a hit because of a sudden financial hardship but overall you have a good history of on-time, in-full payments on credit card bills or another loan you have, you can present this to lenders as a reason to trust you as a borrower.
• Have Your Documents Ready: No matter your credit score, lenders will need proof of income, proof of address, proof of auto liability insurance, and proof of employment.
• Make a Large Down Payment: If you’re able to make a down payment of at least 25%, it can help you secure bad credit car finance. The larger your down payment, the less you’ll owe the lender.

What Credit Score is Needed to Finance a Car at Olathe DCJR?

You can count on Olathe Dodge Chrysler Jeep Ram to look at more than your credit score to finance a car with us. If you would like to learn more about bad credit car finance options in Olathe, contact us to start a conversation. You can also fill out a secure pre-approval application to get an idea of where you stand today. Our team is here to help you get into the new Chrysler, Dodge, Jeep, Ram, Wagoneer you’ve been dreaming about!