Have you ever thought to finance a car and wondered "what is a good credit score to qualify for special auto financing" with most lending companies? This is a common thought that many car buyers encounter when navigating their way through the loan process, but with AutoNet Financial financing a vehicle online with a bad credit score does not have to be a problem.
Types of Special Financing Credit Scores
Credit scores are a very important part of the car loan process and are usually broken into five different ranges, which include:
- Super Prime Credit: Consumers with super prime credit have scores that reach 901 and above, while also being the ones with easiest time qualifying for special auto finance loans with the very best rates.
- Prime Plus Credit: Individuals that carry a plus prime credit score are right below the super prime group with ratings ranging from 801 to 900 and equally have little to no difficult being approved for a loan.
- Prime Credit: The prime credit range is widely considered to be where most peoples credit scores reside as it ranges from 701 to 800, and is also where average interest rates are applied.
- Sub Prime Credit: Applying for sub prime credit loans usually means that your credit score is just below average and resides in the 601-700 range were rates and monthly slightly increase but are still very affordable.
- High Risk Credit: Once a person's credit dips below 600 they are considered to be a high risk borrower and qualifying for a car loan becomes incredibly difficult if not impossible.
From the list above one might believe that in order to have a good enough credit score for car loans a person needs to be above 601, but that is not entirely true. Auto lenders have different stipulations, but in most cases a person can qualify for auto financing with special credit if they at least have a score between 640 and 680.
How AutoNet Financial Can Help
As a quality auto finance company we understand that everyone can't possess a FICO score in the upper 700s, and thanks to our special finance network we can assist consumers who need bad credit car loans. With well over 27 years of experience in the car loan industry we have seen plenty of good credit ratings for special auto loans, as well as a number of not-so good scores and still been able locate enders that can finance people with low credit.
