What is the minimum credit score needed to obtain auto loan?

I plan to purchase a new car however I wanted to be approved for a bank loan before I go to the car dealership. In our area, Chase Bank is offering rates of 4.4% at the most. What is the minimum credit score needed to be approved. I don’t want to go around applying for different loans if I will continue to get turned down which will then lower my credit score.

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3 Responses to What is the minimum credit score needed to obtain auto loan?

  1. Judy says:

    Go to a credit union or small bank.
    Don’t go to big banks – they are not lending as much unless you have top credit.
    A credit union will give you the best interest rate.
    Mine is offering 2.99%

    Don’t worry about inquiries to your credit score.
    All similar inquiries done withing a 6 week window are lumped as one on your reports
    (you won’t see this – its just what the score system does).
    This is to allow you to “shop around” for a good loan.
    Credit cards are different – keep that in mind – not lumped together as one – just installment loans.

    An inquiriy only dings your credit by 1 or 2 points.
    5 points at MOST if you have really bad credit.
    So don’t every worry about inquiries.
    Plus they only affect your score for one year – even though they show up for 2 years.

    Do NOT tell a dealership how much you were approved for.
    You will lose haggling power to negotiate a good selling price.
    It is none of his business.
    Choose a car – make a low offer on it and haggle, haggle, haggle.
    Again – do not tell them how much you can afford !!!!
    You can lie and choose a $15,000 car and say you only want to spend $12,000 on this car.
    You can walk away – they will call you that night or the next day.
    They always do.
    Try to buy a car towards the end of the month.
    This month the new models are coming out – great time to buy last year’s model at practically nothing.

    A credit union will look at your credit reports – not your score.
    /

  2. stan c says:

    A good credit score is 660. Even if you wind up @ 4.4%, you can always pay extra each month to cut down on the interest charged.

  3. Norman Don says:

    Do you also aim to achieve a higher credit score? Are you finding out solutions to get loans with lower interest rates? Get in touch with http://www.improveurcredit.com/ as it offers Credit Report Repair Services to improve the credit score of its valuable clients.

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