Home › Questions › Credit Score › What is a good credit score to buy a car with no down payment?
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July 10, 2024 at 10:11 pm #443KikoffKeymasterJuly 10, 2024 at 10:52 pm #475KikoffKeymaster
Generally, a good credit score for securing a car loan with no down payment is 700 or above.
Understanding Credit Score Tiers
Credit scores typically range from 300 to 850. Here’s a quick breakdown of what these numbers mean:
- 300-579: Poor – Lenders see you as a higher-risk borrower.
- 580-669: Fair – You may get approved, but likely with higher interest rates.
- 670-739: Good – You’re viewed as a dependable borrower.
- 740-799: Very Good – You have a strong credit history.
- 800-850: Exceptional – You’re an ideal borrower who qualifies for the best rates and terms.
Why 700 is the Magic Number
A score of 700 or higher shows lenders that you have a responsible track record with credit. This makes them more likely to offer you favorable terms, like good interest rates or a no down payment option. However, requirements can vary from lender to lender, so it’s always a good idea to check with multiple options before you make a decision.
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