For a credit score of 620, you can expect to pay an average APR of around 6% on a new car and about 10% on a used car. With a credit score of 620, you fall into the fair credit range . While it’s better than having bad credit, it could cost you thousands of dollars more than having a good credit score when it comes to getting a car loan.
What is the average car loan interest rate with a 600 credit score?
The average car loan interest rate for people with a fair credit score of 650–699 is 11.69% for a new car and 11.94% for a used car. How much of a loan can you get with a 600 credit score? To qualify, you must have a fair credit score of 600 or above and a debt-to-income (DTI) ratio below 40%.
How can I buy a car with a 620 credit score?
Best for new/used cars or refinancing. Receive online certificate or check within 24 hours and use your check to buy the car you want or use it to refinance your current loan People with 620 credit score generally can get approved for a car loan as long as they have steady income that they can prove or if they have a co-signer.
Can I get a loan with a 620 FICO score?
A FICO score of 620 is right on the border of qualifying for products such as conventional loans. Installment loans and lines of credit may be more accessible if your score has improved to 620, but interest rates won’t become competitive until your score gets closer to the “Good” range.