What Is a Bad Credit Score? How to Get a Good Car Anyway
Don’t just take someone’s word for it that your credit is bad. Always check your credit score with the major credit bureaus – Equifax, Experian, and TransUnion. There are plenty of free options for seeing your credit scores, so don’t fall for a program that lets you check your score for a week and then charges a monthly fee.
Many lenders will want to know your FICO score in particular. What is a FICO score? In short, it is your credit score obtainedf from a specific company – the Fair Isaac Corporation. It is considered the most trusted credit score and follows the same 300-850 scale as the main credit bureaus.
Is Your Credit Score Actually Bad?
Compare your score to this chart. These are credit risk approximations as suggested by www.dmv.org.
- Bad: 300-550
- Below Average: 550-620
- Okay: 620-680
- Good: 680-740
- Excellent: 740-800
If you fall into one of the top two categories – bad or below average – you may find it tough to get financing from banks or most auto dealerships. Even if you score in the okay range, you may find it difficult to get reasonable interest rates.
How to Find a Good Car at an Affordable Price
Century Auto Group has been helping people with all types of credit to get affordable financing on used cars since 2006. Check out our inventory of high-quality used cars, and then leave it up to our in-house financing team to help you drive one off the lot today.