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Car loan interest rate based on credit score canada


What is a good credit score in Canada for a car loan?

In Canada, credit scores range from 300 to 900 points. There are various scoring models, but generally, if your score is higher than 660 your rating is considered good to excellent and you can generally walk into any dealership and qualify fairly easily for a car loan.

What credit score gets you the best interest rate on a car?

Your credit score is a major factor in whether you'll be approved for a car loan. Some lenders use specialized credit scores, such as a FICO Auto Score. In general, you'll need at least prime credit, meaning a credit score of 661 or up, to get a loan at a good interest rate.



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