Excellent credit score auto loan rates

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Excellent credit score auto loan rates

If you're preparing to buy a new or used car and you need to finance that purchase with an auto loan, then it's important to consider your credit score, since your score will largely determine the auto loan interest rate you're eligible for.About 90% of auto loan lenders use FICO's auto score, says credit expert Gerri Detweiler. FICO's auto scores range from 250 to 900 and look specifically at your creditworthiness for auto loans. When your score is calculated, the usual factors matter, like your payment history, whether or not your credit card balances have been increasing or decreasing, and your utilization rate, and there's also more weight put on your history with car-related debt specifically.The higher your FICO auto score, the better your interest rate. The auto industry has its own lingo for the range of rate types: scores fall into five categories ranging from excellent (superprime) to bad (deep subprime). For the best, or superprime, rate, you'll need what's considered excellent credit, but you don't need a perfect score: According to FICO, you'll typically qualify for the super-prime rate with an auto loan score of 720.You can't get a look at your auto score for free, but you can buy a glimpse as part of FICO's subscription products. Or you can take advantage of free resources to check your regular credit score: It's a good indicator of how auto lenders are likely to see you.The number you need can vary by lender, though, says Detweiler. "It's important to note that FICO doesn't choose a cut-off score for various rates; lenders do," she says. "Lenders determine what rates to offer for various score ranges."Let's say your FICO auto score is 700, putting you in the "good" range, according to FICO's calculator. The average new car loan amount for superprime drivers is $29,620, according to Experian, so you might qualify for the good (or prime) rate of 5.9% on a $29,620 loan paid over 60 months.At a rate of 5.9%, your monthly payments will be $572 and you'll pay $4,649 in interest.Now say your FICO auto score is 720 or above, qualifying you for the current best rate of 4.6%, on a new car, according to FICO's Loan Savings Calculator. Your monthly payments will dip to about $554, saving you $18 each month, and you'll pay $3,590 in interest over 60 months.In other words, with a score of 720 instead of 700, you'd qualify for the superprime rate and pay $1,059 less in interest over the life of the loan.Video by Stephen ParkhurstYour interest rate will also change depending if the vehicle is new or used, says Ron Montoya, senior consumer advice editor at Edmunds. He says new car loans often have lower interest rates because automakers subsidize interest rates for finance firms as a motivation to sell more cars."When you look at used cars, it's more of a risk for a lender," he says. "You don't know what things may break down."Car shoppers with higher credit scores tend to have more financing options available to them, like longer terms and better rates from multiple lenders, regardless if a car is new or used, says Melinda Zabritski, Experian's senior director of automotive financial solutions.If you're shopping around for a car, Montoya suggests checking your credit score at least a few months beforehand. If your score needs improvement, then you'll have time to try and bump it up and snag a better rate.These steps can help:Pay all your bills on time. Paying your credit card late is the No. 1 reason credit scores drop. Late payments on rent, utilities, and other bills can also drag down your score. One solution: Set up automated payments to avoid late payments and fees, and to save yourself time.Next, keep your utilization rate, which is the ratio of how much you've spent on your credit card compared to how much you can spend (your credit limit), as low as possible, ideally below 30%. For example, if your credit limit is $5,000 and your balance is $500, that gives you a low utilization rate of only 10%. Your utilization score is a good indicator of how much of a risk you are to prospective lenders, and how likely it is that you'll pay back any money you borrow.Finally, if you can, pay off your credit card balance each month. That helps you establish a solid payment history.More from Grow: Having a prime credit score is the key to getting the car you want at the price you can afford. A prime credit score indicates that you are a low credit risk to lenders, making it easier for you to get an attractive interest rate that can potentially save you thousands of dollars in interest. Prime scores are generally 660 or higher. Tips Prime credit scores for an auto loan are 660 and higher, with the best interest rates usually offered to people with super prime scores 720 or higher. The most widely used credit scoring formula comes from the Fair, Isaac and Company (FICO). Your score is a numeric history that is derived from the three major credit bureaus ? Equifax, TransUnion, and Experian. However, your credit score for each of the bureaus can be different, as some companies may only report to one of the credit bureaus. Your FICO score ranges from 300 to 850 points, with a higher score indicating a better rating. According to the Consumer Financial Protection Bureau, super prime scores are 720 and above. Prime scores range from 660 to 719. Nonprime scores are 620 to 659. Subprime scores range from 580 to 619, while deep subprime scores are less than 580. A person can look at how their credit score compares to other applicants for credit. Generally, an applicant needs to fall within the top 50th percentile to get the best scores. Having a super prime score of 720 or above is truly optimal for the best auto loan rates. According to ValuePenguin, scores at the 720 plus range yielded an average interest rate of 3.6 percent for an auto loan, as of 2018. For consumers with a credit score between 690 and 719, an average interest rate of 4.95 percent for auto loans during this same time period. Individuals with worse credit scores had an interest rate between 7.02 percent and 15.24 percent. If you have some time before you plan to take out the auto loan, measures are available that can help you improve your credit score. One effective method to improve your credit score is to decrease the ratio between the amount of debt you have accumulated and your credit limit. Don't close out unused credit cards as this may decrease your overall credit limit and increase your debt to credit ratio. Getting a copy of your credit report and correcting any mistakes can also help. Lenders look at other factors when deciding whether to loan you money for an auto loan, such as your income, your length of employment and the type of credit you are seeking. Paying a larger down payment may help you get loan approval.

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