![]() Not all applicants will qualify or qualify for the lowest rate. Additionally, while a borrower may find an auto loan lender willing to accept an average (mid-600s) or low lower than our minimum fico of 640, the borrower’s interest rate will likely be two to five times higher (we have seen up to 24%) than those with average or excellent credit.ġ – APR = Annual percentage rate. While it’s possible to find car loan interest rates between 0–2% on new car loans, borrowers will require a credit score of 700 or higher and generally forfeit any rebates offered by a factory – so that may be needed to be taken into consideration as part of the overall auto expense. ACCU uses Experian ® as our bureau of record.Ī borrower’s credit score doesn’t just determine car loan approval and the available rate and term it also affects the interest rate the borrower is given. Most financial institutions will look at the borrower’s industry-specific auto FICO ® Score and their base FICO ® Score from the one (or all three) consumer credit reporting bureaus: Equifax ®, Experian ®, and TransUnion ®. ![]() It shows them whether the borrower is high or low risk. However, credit history (credit score) is one of the main factors that lenders consider to determine auto loan approval. Your exact rate will be set based on several factors, in addition to your credit score. Our minimum score to approve an auto loan is 640. The credit score you need to get an auto loan depends on the lender, but the average borrower will need a score in the low 700s for a new car loan and mid-600s for a used car loan. What kind of credit score do you need to get a car loan? A loan officer will be in contact with you to provide your final loan documents. If you like what you see and are ready to refinance, just click refinance, and we will pull your credit file and complete the process. You’ll need the right information and documents (car mileage, VIN, current car loan numbers, driver’s license, and income verification), but don’t worry, we can help! Our Refinance Tool will quickly pull in most of the information we need in a matter of minutes. Refinancing your car is an easy way to lower your car loan interest rate and monthly payments. We are all about a life-long relationship – and there are discounts for automatic payments through our checking accounts – so if you want to get membership started first (it’s quick and easy), you can do so here. ![]() However, you’ll need to qualify for and complete membership to finish the process. You don’t need to be a member to start an auto loan application. Do I need to be an America’s Christian Credit Union member to apply for an auto loan?
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