What Credit Score is Needed to Finance a Car?

Published: 11-09-2022

Honda Dealers Blog Post

Are you looking for a new car but unsure if you can finance it? Learn what financial services Honda offers so you can get your dream car at a price right for you!

How Car Finance Works

Once you’ve found the right vehicle, learn about Honda Milwaukee’s new vehicle or used vehicle specials to see how much you can save! The next step is to apply for financing to initiate the car-buying process. After you apply for a loan, your lender will ask you for the following:

  • Your Credit Score
  • The Loan Amount
  • The Length of the Loan
  • Your Debt-to-Income Ratio
  • The Age of the Vehicle

A credit score will not necessarily stop you from financing your vehicle. Learn below about credit scores for Honda Financing!

Credit Score

You can purchase a vehicle with a wide range of credit scores at Honda. On average, a new car requires a credit score of 721, and a used car requires a minimum credit score of 657. Here are some more details on credit scores for Honda Financing:

  • Superprime: 781 to 850
  • Prime: 661 to 780
  • Non-prime: 601 to 660
  • Subprime: 501 to 600
  • Deep Subprime: 300 to 500

If you have a credit score that will allow you to finance the car of your dreams, visit your local Honda dealer or apply for financing online: it’s easy and convenient!

Bad Credit Car Financing

If you have a deep subprime credit score, don’t give up. At Honda Financing, we do what we can to make our customers happy. In-house finance centers can negotiate payment plans, interest rates, and more. If your credit score isn’t high enough to get your dream Honda, here are some tips for drivers who want bad credit car financing:

  • Show proof of payment by showing proof of employment and evidence you are paying your bills.
  • Give collateral by putting some assets down that will reassure the lender you are reliable for a payment plan.
  • If you make a sizeable down payment of 25% or more, you will likely be able to improve your rate.
  • Stay positive, and don’t give up. Look at both business and solid personal finances.
  • Value your trade online to see if you can reduce the down payment.

Simple Financing with Honda Milwaukee

Honda Milwaukee wants to help you have the smoothest and most enjoyable buying process possible. Honda’s special offers and car-buying tips will help you find and finance your dream car! Visit your nearest Milwaukee Wisconsin dealer to learn more about Honda credit score requirements and apply for financing today!

Posted in: Honda Finance