What Credit Score Do You Need to Finance a Car?

woman signing a document

If you’re in the market for a new Hyundai for your Asheville commutes, you’ve probably been researching the car-buying process. One of the things you may be asking is “what credit score is needed to finance a car?”. While there is no proper credit score to finance a car, most Black Mountain dealerships will work with drivers who have bad credit or no credit.

Read below to learn more about what credit score is needed to finance a car, then contact our finance center to discuss your car loan options. You can also browse our new vehicle specials to save on your next Hyundai purchase.

Average Credit Score For Car Financing

On average, Hendersonville drivers who are shopping for a new car have a credit score of 721 for a new vehicle and 657 for a gently-used vehicle in 2020. Typically, the better your credit score, the lower your interest rate will be for your monthly payments. Explore the different credit score categories below:

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

Bad Credit Car Financing

If your credit score isn’t exactly where you want it to be, you don’t need to give up hope on securing car financing. Most Weaverville lenders have programs that offer bad credit car financing that will get you the vehicle you need at an affordable price. However, you should keep the following in mind when you apply for a loan:

  • Focus on the Positives: You can increase your odds of getting a car loan if you can demonstrate that you’ve made progress on your credit score. For instance, if you can show you’ve never missed a credit payment, but your score has been affected by another debt, you’ll be in a better position.
  • Bring Proof: If you can bring pay stubs, proof of address, cell phone bills, auto insurance documents, and proof that you’re currently working, lenders will be more favorable towards you. Any document that can show you’re responsible and in a position to pay off a car loan will help.
  • Show Collateral: If you can put down a substantial down payment (at least 25%) or if you own a home, you’re more likely to qualify for auto financing. You’ll most likely get a better interest rate too.

Meet With the Hyundai of Asheville Finance Team

If you want to learn more about the right credit score to finance a car or if you need bad credit financing, contact our team! We’ll arrange a time for you to sit down with our finance team to go over your budget and your credit score. You can also learn more about what MSRP means and how it’s determined! Our finance professionals will help you find the right plan for your finances and help you apply for financing! Get back on Asheville roads with the team at Hyundai of Asheville!

Hyundai of Asheville 35.5874128, -82.5047619.