What is the Minimum Credit Score Requirement for an Auto Loan?
According to Money magazine, the minimum credit score to secure an auto loan is right around 500. This score will only qualify a person for the worst possible car loan. The interest rate will more than likely be quite high and it is possible a co-signer will be required. A score of 720 or higher will guarantee you the best interest rates available on your auto loan. The requirements will vary depending on the bank or financing institution. If your score is low, it may be best to wait a year or two while you rebuild your credit score. Always read all loan documentation and ask questions about anything you don’t understand.
