Can you get a car with a 800 credit score?
Buying a car with an 800 credit score
Generally, the rule of thumb is you'll need to have a credit score above 760 in order to receive the best terms on loans and/or mortgages. In other words, having a credit score of 800 puts you within the top credit score range and will help you qualify for the best terms, whether it's for a mortgage or a personal loan.
Lender | Loan Amounts | APRs |
---|---|---|
LightStream | $5,000 - $100,000 | 7.49% - 25.99% |
SoFi | $5,000 - $100,000 | 8.99% - 29.99% Fixed APR with all discounts |
Wells Fargo | $3,000 - $100,000 | 7.49% - 23.24% |
USAA | $1,000 - $100,000 | 7.24% - 17.65% |
FICO Score | Average new car rate | Average used car rate |
---|---|---|
781 to 850 (super prime) | 5.64% | 7.66% |
661 to 780 (prime) | 7.01% | 9.73% |
601 to 660 (near prime) | 9.60% | 14.12% |
501 to 600 (subprime) | 12.28% | 18.89% |
Most used auto loans go to borrowers with minimum credit scores of at least 675. For new auto loans, most borrowers have scores of around 730. The minimum credit score needed for a new car may be around 600, but those with excellent credit often get lower rates and lower monthly payments.
How rare is an 800 credit score? An 800 credit score is not as rare as most people think, considering that roughly 23% of adults have a credit score in the 800-850 range, according to data from FICO. A score in this range allows consumers to access the best credit card offers and loans with the most favorable terms.
A 750 credit score is Very Good, but it can be even better. If you can elevate your score into the Exceptional range (800-850), you could become eligible for the very best lending terms, including the lowest interest rates and fees, and the most enticing credit-card rewards programs.
While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.
Just 29 percent of applicants with “exceptional” credit (800-850) have been rejected. Americans can improve their chances of getting approved by strengthening their credit score and lowering their debt-to-income ratio.
An 800 credit score shows lenders you are an exceptional borrower. You may qualify for better mortgage and auto loan terms with a high credit score. You may also qualify for credit cards with better rewards and perks, such as access to airport lounges and free hotel breakfasts.
Can I get a 100k loan with 800 credit score?
Check Your Credit Score
To qualify for a $100,000 personal loan, you should have a score of at least 720, though a score of 750 or above is ideal. Before you apply for a large personal loan, check your credit score so you know what kind of loan terms you're likely to qualify for.
Car payment statistics
The average monthly car payment for new cars is $726. The average monthly car payment for used cars is $533. 39.20 percent of vehicles financed in the third quarter of 2023 were new vehicles. 60.80 percent of vehicles financed in the third quarter of 2023 were used vehicles.
There isn't one specific score that's required to buy a car because lenders have different standards. However, the vast majority of borrowers have scores of 661 or higher.
In general, you'll need a FICO credit score of at least 600 to qualify for a traditional auto loan, but the minimum credit score required with vary from lender to lender. As interest rates increase due to inflation, securing a subprime auto loan may be more difficult — but not impossible.
The three major credit bureaus are Experian, TransUnion and Equifax. The two big credit scoring models used by auto lenders are FICO® Auto Score and Vantage.
How fast will a car loan raise my credit score? There's no set time frame for how long it takes a car loan to improve your credit score. After buying a car, you can expect to see your score improve after making monthly payments on time and paying down your loan balance.
The average FICO credit score in the US is 717, according to the latest FICO data. The average VantageScore is 701 as of January 2024. Credit scores, which are like a grade for your borrowing history, fall in the range of 300 to 850.
“From the standpoint of qualifying for credit, it doesn't matter whether you have a perfect 850 or a score just below that,” said Ethan Dornhelm, VP of FICO Scores and predictive analytics. “To lenders, a consumer with a score in the 800s is a sparkling applicant.”
Twenty-three percent of Americans have a credit score between 800 and 850, considered "exceptional" by FICO. A credit score at the top of that range -- 850 -- is considered a perfect score. Twenty-four percent have a FICO® Score between 750 and 799, making the "very good" bracket.
Generally speaking, you'll likely need a score of at least 620 — what's classified as a “fair” rating — to qualify with most lenders. With a Federal Housing Administration (FHA) loan, though, you might be able to get approved with a score as low as 500.
What is the average credit score by age?
Here's the average credit score by generation as of the second quarter of 2023, according to Experian: Gen Z (18 to 26): 680. Millennials (27 to 42): 690. Gen X (43 to 58): 709.
Improving your score after taking on a mortgage involves consistently making your payments on time and keeping your debt-to-income ratio at a reasonable level. Mortgages help your credit score by improving your mix of revolving debt and installment debt. This mix accounts for roughly 10% of your score.
Age Bracket | 2022 |
---|---|
18–25 | 679 (Good) |
26–41 | 687 (Good) |
42–57 | 706 (Good) |
58–76 | 742 (Very Good) |
The highest credit score you can have on the most widely used scoring systems is an 850. The widely-used FICO 8 scoring model and the VantageScore 3.0 both use a 300-850 scale. Credit scoring company FICO says about 1% of its scores reach 850.
A perfect credit score of 850 is hard to get, but an excellent credit score is more achievable. If you want to get the best credit cards, mortgages and competitive loan rates — which can save you money over time — excellent credit can help you qualify. “Excellent” is the highest tier of credit scores you can have.
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