To get an auto loan without a high interest rate our research shows youll want a credit score of 700 or above on the 300 to 850 point scale.
Whats a good credit score for a car lease.
Having a higher credit score qualifies you for a lower interest rate which translates to a lower monthly payment.
Typically a score of 700 or higher indicates to the lender that you deserve their best rates.
Your credit score ranges from 300 to 850.
Thats considered prime credit and lenders dont.
If your credit score is 740 or above your score is considered excellent by most lenders.
You might find that the credit requirements for leasing are a bit more forgiving than those for purchasing a vehicle but youll probably still need a score of at least 620 or so to pull it off.
The typical minimum score for a lease agreement with a reputable dealer is 620.
You are considered to have excellent credit when your score is 740 or above.
But people with credit scores below 580 have taken out roughly 13 of the auto loans and leases over the past decade according to data from equifax.
With a score in this range you set yourself up for the best lease rates.
The average credit score among new lessees has ranged from 715 to 722 over the past five years according to experian.
Over 740 and youre golden.
They will likely offer you a lease with your best rates.
If youre in the higher tiers youll most likely be approved though on the lower end you may incur a higher interest rate to offset the risk.
With a score from 680 739 you are considered in the prime category and will be approved.
Good credit 700749 people with good credit scores of 700749 average an interest rate of 507 for a new car and 532 for a used car.
I have a positive credit history with no recent late payments.
I have a long established positive credit history.
Excellent credit 750 the average auto loan interest rate for people with an excellent credit score of 750 or higher is 498 for a new car and 523 for a used car.
Scores from 620 679 are near prime scores.
Scores between 620 679 are considered near prime by most dealers and 680 739 are prime.
620 679 scores are in the near prime range and most people will be approved.
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