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Car loan rates by credit score If youâre a super prime borrower with a credit score of 781 and above, you can expect to get the lowest rates. In the third quarter, super prime borrowers received a new car loan rate of 2.6 percent on average. But if youâre a deep subprime borrower with a credit score of 500 and below, you can expect to pay around five times more for a new car loan. Deep subprime borrowers received a new car loan rate of 13.53 percent on average.
When you apply for an auto loan, the lender will typically use a credit score that's tailored to predict the likelihood that you'll default on your auto loan. For example, FICO offers a FICO Auto Score that's specific to auto lenders and not sold directly to consumers. The FICO Auto Score uses a 250 to 900 range which means the auto lenders credit score could be much higher or lower than the score you check. The information in your credit report changes often, which means your credit score can fluctuate from one day to the next.