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Car Loans with a 670 Credit Score?

Yes, you can get a car loan with a 670 credit score. In fact, you will find that it is fairly easy to do since a score of 670 is considered Average. You will even be offered a somewhat favorable interest rate and generous repayment terms.

Credit Score Rankings

Every credit reporting agency has its own scale for ranking credit scores. FICO’s are the most commonly used credit scores and rankings. Here is how FICO ranks credit scores:

  • 760-850…Excellent
  • 700-759…Very Good
  • 660-699…Good
  • 620-659…Below Average
  • 580-619…Poor
  • 300-579…Very Poor

As you can see, a score of 670 fits nicely into the ”Average” category, making it fairly easy to get a car loan through the majority of lenders. Your only obstacle may be with large, national banks. These lenders tend to only offer loans to people with credit scores that exceed 720 in order to maximize profit while minimizing risk.

Where to Shop Your Car Loan

If you are denied a car loan through a large bank, you still have many options open to you. The first is to join a local credit union. Credit unions offer car loans to members with credit scores between 620 and 700 every day. They also tend to have slightly lower interest rates than most banks and offer the same repayment terms as any bank would. If you do not have a credit union close by, the next option may be right for you.

Getting Approved Online

Fortunately we work with many dealers, credit unions, and lenders throughout the nation, helping them secure customers online. When you submit your application through us, we go to work matching you with a local finance specialist who can help you secure the funds you need at a rate you can afford.

Interest Rate to Expect

Interest rates vary based a wide array of factors, including your location, lender, LTV ratio, DTI ratio, credit profile, type of vehicle, and length of loan. Here are a few very basic estimations of the auto loan interest rates to expect with a 670 credit score.

  • 36-Month New Car:  6.6% APR
  • 48-Month New Car:  6.7% APR
  • 60-Month New Car:  6.8% APR
  • 48-Month Used Car:  7.5% APR
  • 60-Month Used Car:  8+% APR

You Could Always Wait

If you do not want to risk a higher interest rate or use a credit union, you could spend the next six months improving your credit. Your first step should be to request your free credit reports by going to By addressing any issues on your credit report, you can boost your score quickly. After looking your credit report over, why not work on lowering your credit card debt? Since amounts owed account for 30 percent of your credit score, paying your balances down will boost your score each month.