Unless you have a 760 or higher FICO score, it might be a good idea to review your credit report and see what you can do to improve your credit score. After the credit crunch, obtaining auto and personal loans became much harder. Today, what used to be considered excellent credit may only qualify for good credit, and it is that much more important to maintain a high score.
Generally speaking, a 760 FICO score will get you the very best rates at the very best loan terms. Anything higher really will not change what an auto lender can offer you since you will likely already qualify for the very best deal. If you have a 720 credit score or so, you should still be able to get a pretty good rate on your auto loan and not have any trouble getting approved.
Where you will start to have trouble is if you fall below a 720, which is the national average credit score. When you fall below this less than perfect credit level, lenders start seeing you as a risk and will start charging higher interest rates in order to offset the risk. Depending on the credit grade the lender is willing to lend to, you may not even qualify for a loan.
Once you fall below a 700 FICO score, you have a greater chance of getting your loan automatically denied before a human even reviews your credit report. At this point your only resort is to seek a bad credit lender, or get to work on fixing your credit score. Luckily, there are a number of quick fixes you can make to improve your credit rating and get the loan you need at the rate you want.What is a Good Credit Score For an Auto Loan?