If you are looking for a new or used vehicle, Noggin Finance can connect you with financing options to help you purchase the vehicle you desire. Our partners can offer low-rate auto loans or auto loan refinancing options. The application process is quick and easy, especially with our online and mobile banking services.
Credit history is one of the main factors lenders consider to determine auto loan approval. It shows them whether the borrower is high or low risk. Most financial institutions will look at the borrower’s industry-specific auto FICO® Score3, along with their base FICO® Score from the three consumer credit reporting bureaus: Equifax, Experian, and TransUnion.The credit score you need to get an auto loan depends on the lender, but the average borrower will need a score in the low 700's for a new car loan and mid 600's for a used car loan.
A borrower’s credit score does not just determine car loan approval and the eligible amount, but it also affects the interest rate the borrower is given. While it’s possible to find car loan interest rates between 0–2% on new car loans, borrowers will require a credit score of 700 or higher. A borrower may find an auto loan lender willing to accept an average (mid 600s) or low (500s to low 600s) credit score, but the borrower’s interest rate will likely be three to five times higher (between 10–24%) than those with good or excellent credit.
Contact us today for more information!