What credit score do you need to buy a $50k car?

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  • July 30, 2023 at 9:16 am #9937
    StellarFi
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    July 30, 2023 at 9:27 am #9976
    Team StellarFi
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    To buy a $50,000 car and get favorable auto loan options, it’s best to have a credit score in the prime or super prime categories. Prime borrowers are those with a credit score within the 661-780 range, while super-prime borrowers fall within the 781-850 range.

    The higher your credit score, the better your chances of getting a lower interest rate on your monthly installments. However, experts advise that it is always better to first shop for the best available option before settling for one auto loan. Making a down payment is another way to reduce the burden of monthly installments. Additionally, working on building your credit to reach prime or super prime levels can be beneficial. Alongside improving your credit score, it’s also advisable to focus on increasing your gross monthly income, as lenders consider your debt-to-income ratio alongside your credit score when deciding whether to approve your loan.

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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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Credit score increase based on StellarFi members’ data. Credit score increase not guaranteed. Credit scores will only be available to members whom we are able to validate. On-time payment history can have a positive impact on your credit score. Nonpayment may negatively impact your credit score. Failure to make monthly minimum payments by the due date each month may result in delinquent reporting to credit bureaus, which may negatively impact your credit score..