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Financing a vehicle can be expensive; exactly how expensive depends on how much you can afford for a down payment and what your credit rating says about your ability to pay back the money you borrow. If you’re wondering what the minimum score you need to get a car loan is, and how your credit rating can impact your payments, read on. If you’re ready to see how Indy Car Finance can save you money regardless of credit, fill out our online application or stop by our offices located at Speedway Chevrolet to get started today.
What Kind of APR Can You Get with X Credit Score?
If you’re thinking of getting behind the wheel of a new or used car this year, it’s important to understand how your credit score can impact your ability to get financing and how your numbers can affect the cost of that loan.
If you’re applying for a new car loan, dealers will expect you to have an average credit score of at least 714. That number is slightly lower for a used car loan where a score of 655 is usually good enough. What you can expect to pay for those loans varies wildly depending on what your number actually is.
According to Bankrate.com, the approximate average interest rate based solely on credit score is as follows:
| Credit Score | Used Car Loan | New Car Loan |
| 300-500 | 19 percent | 13.5 percent |
| 501-600 | 15.75 percent | 10.7 percent |
| 601-660 | 9.5 percent | 6.4 percent |
| 661-780 | 5.15 percent | 3.6 percent |
| 781-850 | 3.5 percent | 2.6 percent |
How these numbers impact your payment depends on the required down payment, your contract length, the cost of your vehicle, and other items that are added on at the time of purchase, such as an extended warranty or maintenance contract.
Let Indy Car Finance Cut You a Competitive Deal
Explore the finance possibilities available to you at Indy Car Finance. We offer competitive financing rates on a wide variety of vehicles, even if your credit is less than perfect. Contact our credit counselors and see how easy it is to afford the car you need today.
Get the Credit You Need Regardless of Your Credit Score
Even with a minimum credit score, you can still get a competitive car loan in Indianapolis. Contact Indy Car Finance or stop by our Speedway Chevrolet location at 5252 38th St. in Indianapolis, IN to learn more.