What Credit Score is Needed to Finance a Car?

If you are on the hunt for a new or pre-owned car for your Brooklyn daily drives, you might ask what credit score is needed to finance a car. You don’t have to worry about this because a lot of dealerships, Brooklyn Volkswagen included, offer bad credit car finance options. Here at Brooklyn Volkswagen, we want to take the guesswork out of the process of financing a car. By reading this article, you’ll become informed on bad credit car finance. After that, you can reach out to our team because we’re here to help you find your financing solution.

Average Credit Score to Finance a Car

The average credit score to finance a new car is 721, while the average credit score to finance a used vehicle is 657. Most drivers in Queens and Staten Island will qualify for bad credit car financing no matter what their credit score is. That being said, a lower credit score means you’ll pay a higher interest rate. Here’s a quick recap of the different categories of credit scores:

  • Superprime: 781-850
  • Prime: 661-780
  • Non-prime: 601-660
  • Subprime: 501-600
  • Deep Subprime: 300-500

How to Get Bad Credit Car Financing

What credit score is needed to finance a car when you’re in Brooklyn? The answer to that is dependent on which lender you choose. They will consider the following when they make their judgment:

  • Focus on Positives: If you’re making advances with your finances, you’ll be in a better position to qualify for an auto loan. For example, if you haven’t missed a payment, but your credit score is low because of medical debt, you might still qualify for a car loan with bad credit.
  • Bring Proof: Bring the documentation necessary to prove your financial position. That includes pay stubs, phone bills, proof of address, car insurance documents, and proof of employment with you to apply for credit. Anything you think will prove that you’re responsible and can pay off your auto loan despite your poor credit will help.
  • Show Collateral: If you’ve got a house or you can put down a down payment of at least 25%, you’re more likely to qualify for auto credit and a decent interest rate.

Brooklyn Volkswagen Wants to Discuss Your Options

Here at Brooklyn Volkswagen, we’ve got the expertise necessary to get you the bad credit car loan you’re looking for. Contact us today to get in touch with a team member or apply for financing to get pre-approved for your next car loan. We can’t wait to walk you through your financial solutions, so you come out ahead.