I want to get a Used Honda Accord Coupe 2008 or New 2009. Im a first time car buyer. I dont know my actual FICO score, but my credit score on truecredit.com is TU/664, EX/640, EQ/651. I have a full time job, same company for 1 1/2 years and counting. Earning 2k monthly before taxes. I am 23 years old.
I have been selling cars in the auto industry for the last 3 years. When it comes to your banks they pull your auto enhanced score so we consumers cant see what the lenders are seeing. With that being said, your credit score is not bad. You also have car history but your car history is limited.
A FICO credit score of 640 falls in the average range and you can definitely get a car loan with that score but you will have to pay a higher interest rate (APR) than someone with let’s say a 680 credit score, keep in mind that lenders do not only look at the credit score when deciding who to give a car loan to.
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you generally need a credit score of 680 or above to qualify for a personal loan. (The 630 to 640 range is often considered the boundary defining poor credit, where lending criteria becomes.
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A bad credit car loan is what you will get with a credit score of 640, but the interest might still be higher compared to what people with a higher credit score will get. Luckily, you meet the minimum credit score for most lenders and can look around and find the most affordable interest rates for yourself.
I work in auto finance underwriting and funding. You’d be considered a sub-prime customer so you’d get a poor interest rate, but as long as you were to make your payments on time, etc. then getting the car would benefit your credit score. A 640 credit score should definitely be qualified enough to lease a $15k car.
PK: Most people don’t think about their credit score until they make a big purchase, like a car or a house. based on the type of loan. For example, to get a Small Business Association (SBA) loan,
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Is 640 a recommended credit score for auto financing? 640 is a decent score. The score needed to get most of the advertised specials by the various manufacturers is normally a minimum of 720-750.