When you’re looking to purchase a new car, or even a used one, a common question that I come across online is, “What kind of score do I need if  I want to purchase a new car?”

While the answer can be quite long, the first thing that you will have to look at is the following…

• Where are you going to buy your car?  Is it going to be at the dealership?  A private car lot?
• Does this car lot specialize in bad credit?
• How much are you going to put down?  Is it more than 20%?

You’re going to find that if you put more than 20% down, the dealership is going to be more lenient when it comes to your credit score.  If you can’t put that 20% down, they may require a higher score.

For a bad credit lot, they are going to require a lower score.  People that have purchased from a lot like this before only needed a score in the mid 500s.  The only downfall to something like this is that you’re going to have to pay more in interest rates and fees.

For a regular dealership, it’s going to vary on your income, what you’re going to put down, and more.  If you’re going to put 20% down, some people have stated they were able to get a loan with a low 600s score.  For those that can’t put anything down, they were required to have a mid 600s at least.

To raise your credit score and increase your chances at landing a better loan, in terms of interest, check out a post I wrote in the past about bad credit for cars.