Are you eyeing a new ride but worried about your 640 credit score? Don’t fret! You can still get a car loan with a 640 credit score. However, you may have to pay a higher interest rate than those with excellent credit scores.
The interest rate for a car loan with a 640 credit score can vary depending on several factors, such as the lender, the car’s cost, and the loan term. The average interest rate for a car loan with a 640 credit score can range from 6% to 10%. But this can go up or down depending on the factors mentioned earlier. The annual percentage rate (APR) for a car loan with a 640 credit score can be around 7% to 12%.
If your credit score is above 660, you should be able to get a good interest rate on a car loan. However, people with scores as low as 600 or even 500 will have to pay a higher interest rate.
Is a Car Loan with a 640 Credit Score Worth the Price Tag?
What do these numbers mean for you? Let’s say you’re looking to buy a car worth $20,000 and take out a five-year loan with a 7% interest rate. You’ll end up paying a total of $23,288, which includes the $20,000 principal amount plus $3,288 in interest charges. That’s a lot of money. But it’s the price you pay for having a 640 credit score.
Are you tired of feeling stuck in the slow lane with your auto loan payments? Well, it’s time to hit the gas and rev up your savings with Way.com! With our refinancing options, you can save up to $1850 a year!
Getting a car loan with a 640 credit score is like trying to buy a ticket to Willy Wonka’s Chocolate Factory. Sure, you’ll get in, but you’ll have to pay a hefty price for that golden ticket.
Rev Up Your Game for 640 Credit Scores
There are ways to improve your chances of getting a lower interest rate. You can negotiate with the lender or shop around for the best rates. You can also consider getting a co-signer with a better credit score to increase your chances of approval.
Save on Auto Refinance via Way.com
With a credit score of 640, the interest rate on a new car loan is around 6.5%, and the interest rate on a used car loan is around 10.5%. The average credit score in the U.S. is 710, so 640 is below that.
You will probably be able to get almost any car loan on the market, but finding one with a reasonable interest rate will be challenging. But don’t stop trying to get the car you want.
Savings up to $1850 a year are guaranteed with Way.com. That’s more dough to fuel your road trips, upgrade your ride, or even splurge on some delicious road trip snacks.
You can get a better deal on your loan terms if you make a more significant down payment and have a co-signer.
Higher interest rates can be hard on your finances, but saving a lot on your car insurance can help.
Bottomline
You can get an auto loan with a 640 score but expect to pay a higher interest rate than those with excellent credit scores. Remember that interest rates vary, and shopping for the best deal is essential. And if all else fails, remember that it’s not the car that makes the driver, but the driver who makes it.
Get the comfort and space you deserve with a better auto loan deal from Way.com. So don’t wait. Refinance with us today, and let us help you hit the open road with a bigger smile and more cash in your pocket!
