Car Loans: Used Car Loan Rates

What Should Your Credit Score Be For Approval On Used Car Loans?

If your credit score is >680, you are a "prime borrower". Your low APR auto loan will most surely be approved
If your credit score is <680, you are "sub prime". You'll pay higher APR on your auto loan
Below 550, you can forget about a car loan, or get a bad credit auto loan

How to increase your chances for approval in used car loans:
The number one strategy you already know: shop for independent new car financing before you haggle price at the dealer's (and even if you don't haggle!)

Secondly strategy: give yourself a little "wiggle room" when it comes to price. If you don't already have a figure set in stone (and an itemized list of additional expenses), apply for a loan limit at least a little over what you expect to pay. It means extra flexibility for you at closing time, and you're under no obligation to use your entire loan limit.

Last strategy: If you're comfortable with it, opt to make your payments automatically. Securing your loan online usually means rate savings already. But online lenders will usually offer even lower rates if you pay electronically.

Hope this has helped you in your used car loan rates search, navigate through the links on the RIGHT ---->
for more used car loan rates resources.

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