What Credit Score Do You Need to Finance a Vehicle?
One of the most common questions our customers ask is what credit score they need to finance a vehicle. We’re here to tell you that whether you have good, bad, or no credit, vehicle ownership is possible! At BC Drive, we make it our mission to help our clients get vehicles they deserve regardless of past credit history. So how will your credit score affect your vehicle financing options? Let’s take a look at exactly what you can expect when you work with a dedicated finance professional at BC Drive!
Vehicle Financing Options Based on Credit Score
No Credit: Credit Range Under 300
It’s important to note that just about anybody can finance a vehicle, even those with no credit. For individuals who are purchasing their first vehicle, are new to the country, or are setting off on their own for the first time, it’s common to have not built any credit yet - but that doesn’t mean you don’t need a reliable set of wheels! What it does mean is that your options might be a bit more limited than somebody who has already established a good credit rating. Your finance rate will likely be a little higher, and you might not be able to get the car you’ve always dreamed of, but BC Drive can certainly help you get approved for a dependable vehicle with affordable monthly payments.
Low or no credit? No Problem! BC Drive can help.
Low Credit: Credit Range 300 - 579
For those with low credit, your vehicle and financing options might be limited, but we can still help you secure financing for a great vehicle. The best part? The longer you make regular payments to your vehicle, the faster your credit rating will improve. Once you’ve reached a new credit score tier, we can help you trade up for a different car with lower financing terms.
Fair & Good: Credit Range 580 - 669 and 670 - 739
If you have fair or good credit, you’ll have more options available to you. In this category, getting approved is easy with BC Drive on your side. We’ll be able to provide you with a few vehicles to choose from that will fit into your monthly budget, and maybe a few different loan options too.
Very Good & Excellent: Credit Range of 740 +
Once your credit falls within this range, we can plan for what you want to spend and find vehicles that match your wants, needs, and budget. You’ll have a lot more choices available to you, and will have more freedom to shop around for both vehicles and financing terms.
How Do I Find My Credit Score?
It used to cost money, and even hurt your credit score, to access your credit rating. But thanks to companies like Credit Karma and Borrowell, Canadians can quickly and easily find out their credit rating without penalty. Simply enter a few pieces of information, and within a few minutes you’ll be provided with an accurate credit score that you can use to start your car-buying journey.
I know my credit score! Let’s start the online application process!
BC Drive Can Get You Approved!
Good, bad, or no credit, BC Drive can get you approved. We work with lenders from all across British Columbia who are happy to take on higher-risk clients and offer flexible loan options. You deserve to drive a reliable and affordable car that you love, and at BC Drive we’re dedicated to making it happen.
Ready to find your next vehicle and get approved for affordable auto financing today? Reach out to Tania or one of our other exceptional personal finance experts here at BC Drive - we can’t wait to help you drive away happy!