Credit score needed to buy a new car

Average credit score to borrow for a new car

RICHMOND, Va. (WWBT) - When it comes to shopping for a new vehicle, your credit score will be one of the first things car dealers look at.

It’s also one of the first things they verify. If you’re credit score is high, you’ll get a lower interest rate and a better deal.

According to Experian, in 2018 the average credit score of people who borrowed money for a new car was 718. It was 659 for used car borrowers.

About 20% of car loans in the last year went to borrowers with scores below 600. If your credit score is lower, you’ll have a higher interest rate.

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