Do you need a good credit score to finance a car in the Charlotte area? That’s a question we hear often at South Charlotte Chevrolet from good people with poor or no credit who just want to get back on the road and on with their lives. The good news is that most dealerships offer bad credit car finance options that will put you back behind the wheel and help to improve your credit score! Continue reading to learn what you need to know about your credit score to finance a car, then contact our friendly, knowledgeable, and connected finance center professionals to get more information.
So, what is the necessary credit score to finance a car? Well, in the last quarter of 2022, drivers who financed a new car had an average score of 738, and those who financed a used car had an average credit score of 678. Both of those averages are up from a few years ago, but you can get still get a car loan if your score falls below those averages. However, you’ll have to make larger interest payments and maybe even a larger down payment. Below, you can see the different categories of credit scores:
So, how can you get financing with bad credit? There are ways to improve your credit, such as making consistent payments on your debts, removing inaccurate items, and getting a secured line of credit and making on-time payments. It’s also a good idea to save up to make a larger than necessary down payment to lower the amount you’ll need to borrow to cover the cost of the vehicle.
Do you still have questions about bad credit car finance options? You can contact us at South Charlotte Chevrolet to see if bad credit car financing is for you, and if so, we’ll work hard to help get you the best possible loan terms and a reliable vehicle that fits your needs and budget. You can also apply for financing online and get pre-approved for a car loan in a matter of minutes!