If you know you have a low credit score, and you already struggle in other areas of your life because of it, you might be wondering if your credit is actually too low to ever find a decent deal. Lucky for you though, you don’t have to wonder anymore because all the answers to your questions can be found below!
What Are The Highest/Lowest Credit Scores Possible?
Credit scores are measured on a scale ranging from 300 to 850, with 300 being the lowest possible credit score a person can have, and 850 being the highest. However, scores are typically broken into even smaller subgroups to further assess financial responsibility.
Deep Subprime (Poor) credit scores refers to any scores ranging between 300 and 500. People in this category are considered to have extremely bad credit, and will often face the most pushback when seeking a loan of any kind. People in this group also suffer from the worst interest rates, often falling between 14.97% and 20.24%.
Subprime (Fair) credit scores range from 501 to 600, and although opportunities are slightly better for those in this category than those with deep subprime credit, interest rates can still be rather high, usually averaging somewhere between 12.42% and 17.52%.
Nonprime (Average) credit scores range from 601 to 660, making up a significant portion of the population. For these people, borrowing can still be challenging, but interest rates are often much more reasonable, typically around only 8.08%.
Prime (Good) credit scores are what most Americans have, referring to a credit score between 661 and 780. While it may not be considered the best, those with prime credit still benefit from much lower interest rates that hardly ever exceed 6%, and other perks exclusive to those who have worked hard to protect their financial standing.
Super Prime (Exceptional) credit scores are what everyone hopes to one day have, yet it can take a long time to achieve. It’s a smaller category made up of those with credit scores between 781 and 850, and is considered the group with the least financial risk meaning borrowers can often get way more for a lower interest rate – usually around only 4.20%.
What Is The Best Score To Have To Consider Car-Buying?
When it comes to car buying, the best way to get the best deal is to have the highest score. The better your score, the more money you’ll be eligible to ask for, and the lower your total interest and final costs will be. That being said, there is no single magical number that can guarantee you a perfect financial offer. Every lender is different, which means your circumstances are always going to be unique.
What Is The Lowest Credit Score You Can Have To Buy A Car?
While are many places out there that enforce various restrictions for people with bad credit, like requiring a co-signer, Suburban Auto Finance is the one place that never makes anyone jump through hoops for the fair financing they deserve. Whether you have regular bad credit, a credit score as low as 300, or even no credit at all, we’ll always be happy to strike a fair deal with you to guarantee you’re able to afford the reliable used vehicle your busy life demands!
If you are looking for the best in auto financing, no matter what your current credit situation is, choose Suburban Auto Finance and learn how we can help you get back behind the wheel in no time. At Suburban Auto Finance, we understand everyone deserves the independence of having a reliable vehicle, and our mission is to work as hard as we can to make that happens for you.