* Poor credit: Below 580
- Large down payment expected (often >20%)
- Interest rates 10% to 20%
- Credit union, captive lender may be most likely lenders
- Cosigner may be required
* Fair credit: 580 to 669
- Down payment of 10% to 20% needed
- Interest rates 6% to 12%
- Larger lenders may be more accessible
- May be able to get approved for shorter loan terms
* Good credit: 670 to 739
- Down payment of 5% to 10% is common
- Interest rates of 4% to 8%
- Wider variety of lenders available
* Very good credit: 740 to 799
- Down payment of 0% to 10% likely
- Interest rates of 3% to 7%
- Prime and subprime lenders available
* Excellent credit: 800 and up
- 0% down payment sometimes possible
- Interest rates of 0% to 5%
- Any lender likely will approve application
Lenders can consider more than just credit score
* Size of down payment
- Larger down payment often means lower interest rate
- Can reduce loan amount and shorten term
- Helps build equity faster
* Age and condition of the vehicle
- Newer, certified pre-owned (CPO) cars likely to get better rates
- Cars with higher mileage or older models may have higher rates
* Loan term
- Shorter terms typically mean lower interest rates
* Monthly income and debt-to-income ratio
- High debt payments relative to income can raise rates
* Proof of insurance coverage and active registration
* Employment history and stability
* Type of lender and interest rates offered
