What credit score do you need to buy a car in Canada?
Minimum Credit Score Needed for a Car Loan in Canada Generally speaking, lenders prefer when applicants have a credit score in the mid-600s for car loans in Canada. Lenders are especially happy when an applicant’s credit score is somewhere between 630 and 650.
Can I get a car loan with bad credit in Canada?
When you’re applying for a car loan, a good credit score can go a long way, but luckily for the 20 or so percent of Canadians with subpar credit, there are still plenty of car financing options. Typically any Canadian get approved for a car loan regardless of their credit, but bad credit will usually result in a higher interest rate.
What is a good credit score for a car loan?
A credit score in the mid-600s is considered average for a car loan and will result in mediocre loan terms. Credit scores between 680 and 720 are considered to be good. A credit score above 720 is considered excellent and will result in a low-interest car loan.