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What Is A Bad Credit Score For Buying A Car?


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What Is A Bad Credit Score For Buying A Car?

If you’ve been browsing used cars for sale or if you plan on buying one, you likely know that qualifying for an auto loan revolves heavily around credit scores. With this being said, you may be wondering what is good and bad in terms of credit scores for auto loans. At Terre Haute Auto, we have years of experience as one of the most reliable Terre Haute car dealers. With this experience, we have developed a lot of knowledge about car loans and how credit scores factor into them. For this reason, we have compiled a list below that describes credit scores for car loans.

1. Credit Tiers

Before you decide to finance a new or used car for sale, you should get acquainted with the credit tiers used to determine loan eligibility. Each credit tier is a set range that affects the percentage of interest on a loan for used cars near you. The higher the credit tier, the lower the interest and the better the benefits. If you take a look at the following list, you can see every credit tier with the credit scores that define them and the average interest rates for each according to Experian:

  • Superprime (781-850): 3.61%
  • Prime (661-780): 5.38%
  • Nonprime (601-660): 9.8%
  • Subprime (501-600): 15.96%
  • Deeper Subprime (300-500): 19.87%

2. Bad Credit Buying Solutions

Whether you are shopping with Terre Haute car dealers or auto dealers anywhere else, if you find yourself in the subprime tier or lower, you may find it difficult to qualify for car loans. Fortunately, however, there are solutions out there for people with bad credit in search of used cars for sale. In fact, dealerships, such as Terre Haute Auto’s Terre Haute Auto’s car lot near Terre Haute hope that this list helps to inform you about how credit scores factor into financing a vehicle. Typically, a bad credit score is defined as anything within the subprime tier or lower. If you find yourself in one of these tiers, you can use the list above to help you get out of a bad credit situation. Along with this, if you have any questions about auto financing or if you are interested in test driving a vehicle, you shouldn’t hesitate to contact us at Terre Haute Auto or any dealership near you.

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