Know the Score

When making the decision to approve you for an auto loan, lenders will take many things into consideration. Lenders will look at the factors outlined above as well as job/employment time how long you’ve lived at your current address and your income level. An auto lender will also take into account the age and type of vehicle you choose.

The primary driver of loans as well is credit score. It's always a great idea to know what your score is so you can get a good idea of what kind of financing you qualify for.

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The following items affect your Credit Score and determine how it's is put together:
Credit Score
  • 35% is based on your specific payment history
  • 30% is based on your current level of indebtedness
  • 15% is based on the length of time your open credit has been in use
  • 10% is based on your pursuit of new credit
  • 10% is based on you holding a good mix of revolving credit

720 & above
720 credit score or above buyers should qualify for top tier bank or credit union financing. You can expect to receive some of the best interest rates available to auto buyers. Often on newer models, you may qualify for longer terms, such as 84 months on some newer models, which can help lower monthly payments.

680 to 720
While still a very strong credit scoring a 680 to 720 auto buying profile, if you fall in this category you can plan on some very strong rates, maybe even as low as 5% or 6%. If you are in this credit profile tier, you may still qualify for standard terms loans such as 72 months.

640 to 680
In this credit profile position at a 640 to 680 profile score you should still qualify for many bank programs, and often credit union financing which may have slightly lower rates. Keep in mind in this tier, many lenders begin weighing more on the model year, and miles of the vehicle being purchased. Also, depending on the year make and model, you may qualify for 60 or 72 month terms for your auto loan.

600 to 640
If you are a 600 to 640 score together we can still arrange a good loan usually through a bank and sometimes through a credit union depending what factors are weighing on your score. If you’ve had issues in the past but have done well for a while, in most cases we can arrange a loan for you.

550 to 600
If you’re score is between 550 to 600 there are several specific lender that are still available to help you. The rates will generally be a bit higher and this point and we will look into arranging financing with specialized lenders and banks to accommodate YOU! Many lenders will weigh as heavily on the vehicle of choice as they will on your credit profile.

550 or below
If your score is a 550 or below you are not alone! Approximately 20% of auto buyers are right here with you. Things happen. At CarCreditGiant, we are here to work with you to overcome those things! About half the cars we sell are to folks with less than 550 credit scores. We are here to work together in arranging an excellent auto loan with you and get you driving as soon as today!

ZERO / No Score / First Time Buyer
Many people have no credit or haven’t used their credit for so long they no longer have a credit score. There are several banks and credit unions that will grant you a loan but the rates can really vary. If you are a zero score or first time buyer, apply now and let Car Credit Giant get moving for you!