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.
Can I get approved with a 620 credit score?
Can you get a loan with a 620 credit score? You're right on the edge of being approved for several types of loans with a 620 credit score, and for many types, your approval odds are high. However, you'll likely face steep APR, deposit requirements and income requirements due to your fair credit score.
What credit score do I need to buy a $30 000 car?
What Is the Minimum Score Needed to Buy a Car? In general, lenders look for borrowers in the prime range or better, so you will need a score of 661 or higher to qualify for most conventional car loans.
What can you do with a credit of 620?
You could qualify for a conventional mortgage with a credit score of 620. But your options may be limited. With a 600 to 620 credit score, or even with a higher score in the Fair range, your mortgage will likely be backed by Fannie Mae or Freddie Mac, making it a federally-insured loan.