My lease is up on my car in the next 45 days, so I am looking at my options for a different car. I think I am going to buy one this time, something used though - not new. I am looking at getting something like a Toyota Camry or Honda Accord, or something similar. I have a credit score of about 670. Is this good enough to get a decent rate on an auto loan? I can't seem to find any decent information related to what your score needs to be to get approved for a loan. Any insights are appreciated!
I'm not sure how big of an auto loan you're looking for, but you should be able to get a decent loan with a credit score of 670 as long as you have solid income to back things up and nothing too negative (and recent) on your credit reports.
I have discussed with an auto broker what is required to get descent interest rate on a auto loan. Having a 680 credit score we are pretty much guarantee to get better pricing. Also, he mentioned having a auto loan in the past really helps otherwise they limit you to how much you can actually purchase. Since you have already have leased a vehicle you should be fine. If you want a quick way to increase your credit score those 10 extra points. Find a friend or family member that is willing to add you as an authorized user to one of their existing credit card accounts. Make sure the card has at least 2 years of perfect payment history. Try to find a credit card that is older then any credit cards that you have already established yourself. Also, make sure your friend or family member can maintain a low balance (10% or less of the credit limit) or the card might hurt your score instead of help it. Thanks! Heather with BoostMyScore.NET
