A review of the best auto loan rates for new, used & refinanced vehicles based on credit scores between 610 to 619.
Finding the best rates for an auto loan with a credit score between 610 and 619 can be tricky.
Regardless of if you are looking for a new, used, or to refinance an automobile, there will be a lot of options for you to choose from.
Will you get better rates from a local bank, credit union, dealership, or from an online lender?
Disclaimer: “Credit score” refers to the FICO score in this article. If you have a different score (i.e. VantageScore), that does not likely equal your FICO. For example, a 645 VantageScore could equal any FICO score… 643, 644, 645? Who knows? You can get your FICO score here.
In this post:
Current Auto Loan Interest Rates
|Dates||60-month new car||48-month new car||36-month used car|
Note: Actual interest rates are based on many factors such as state, down payment, and verification of credit score. Car loan interest rates provided by Bankrate.
How does your credit score affect you getting top APR automobile loans if you have a 611, 615, or 618?
How much is my car or truck payment going to be each month?
These questions are very common and we thoroughly answer each of them.
When you finish this article you will have a good understanding of how much your auto loan will cost you each month and all the factors that will determine your loan interest rate.
If you are looking for the best deals on an auto loan, personal loan, home mortgage loan, or credit card for a credit score between 610 to 619, check out one of these articles.
Top Vehicle Loan Rates For A New Car – 610 to 619 Credit Score
Have you ever heard someone say that everything is relative?
No, I’m not talking about your Aunt or Cousins.
I’m talking about the best new auto loan rates are relative to each persons credit score.
Here’s the deal…
If you have a credit score of 800 the best interest rates available are much lower, than they are to people with a credit score of 612 or 613.
So when I say the Best New Car Rates, I’m talking about for people with a credit score between 610 and 619.
Because the best new vehicle rates for people with credit scores around 611 or 618 are going to be higher than people with excellent credit.
Below we will provide you with an accurate estimate of what your monthly payments could be based on the amount you will need to borrow to purchase that new car.
Lenders charge higher interest rates for loans to people who statistically are a bigger credit risk.
Your credit score is used to assess that risk.
The Consumer Financial Protection Bureau (CFPB) is a government agency that has oversight over the big three credit agencies, Equifax, Experian, and TransUnion.
In a recent case study, the CFPB found that the default risk for people with a credit score between 610 to 619 is 21%.
In comparison, consumers with credit scores of 800 and above default on their loan obligations less than 1% of the time.
The sample auto loan monthly payment charts include the best rates for non-prime or fair credit borrowers with credit scores in the low 610’s, such as 611, 617, & 618.
Estimated Monthly Payments For New Car Loan Of $20,000 by Credit Score
|Credit Score||3 Year |
|5 Year |
|7 Year |
*Sample Quote For Credit Scores of 610 to 619. Single digit credit score changes don’t change the payment, so a 611, 615, and 618 score should all cost the same. Assumes $2,000 down payment. Scores sourced from Nerd Wallet site and are accurate as of 6/12/19. All loan payment amounts are based on a new car loan APR interest rate of 7.52% for non-prime borrowers with a credit score of 600 to 660. The loan terms included in this chart are for 3 years (36 months), 5 years (60 months), and 7 years (84 months). However, speak to your lender about additional loan options for new, used, or refinancing. Don’t forget to ask about their auto loan payment terms that cover; 1 year (12 months), 2 years (24 months), 4 years (48 months), 6 years (72 months), 8 years (96 months), 9 years (108 months), and 10 years (120 months). This is not an offer for a loan or a loan approval. Rates and stipulations change by state, income, credit score, and a variety of other factors. For informational purposes only.
Estimated Monthly Payments for Other New Car Loan Amounts (10k – 30k)
|New Auto Loan Amount||3 Year |
|5 Year |
|7 Year |
Sample Quote For Credit Scores Of 610, 611, to 616, & 618: Assumes $2,000 down payment. Scores sourced from Nerd Wallet site and are accurate as of 6/12/19. All loan payment amounts are based on a new car loan APR interest rate of 7.52% for non prime borrowers with a credit score of 600 to 660. The loan terms included in this chart are for 3 years (36 months), 5 years (60 months), and 7 years (84 months). However, speak to your lender about additional loan options for new, used, or refinancing. Don’t forget to ask about their car loan payment terms that cover; 1 year (12 months), 2 years (24 months), 4 years (48 months), 6 years (72 months), 8 years (96 months), 9 years (108 months), and 10 years (120 months). This is not an offer for a loan or a loan approval. Rates and stipulations change by state, income, credit score, and a variety of other factors. For informational purposes only.
Best Used Automobile Rates – 610 to 619 Credit Score
I think a lot of people wonder what a good interest rate is on a used car?
We see incredible offers online and on TV for new car loan rates but, now that I think about it, I don’t think I ever see used auto rates advertised.
Used car loan rates are usually heavily determined by your credit score.
Higher credit scores in the 825’s will qualify for the lowest interest rate loans.
You don’t have to have a good credit score to get the best used auto loan rates.
An Illinois government-commissioned report found residents in Riverdale, a suburb of Chicago, have a fair credit score average of 615, but still qualify for multiple used automobile loan options.
While we can help you get the best car and truck loan rates for a used car, we cannot help you choose the perfect vehicle.
Since you have a credit score around 615 or 616, buying a used car makes a lot more sense from a financial standpoint.
⚠️ Be Careful!
Buying a used car has its risks. That’s why you want to always check the vehicle’s history. You can run a vehicle history report on sites like Carfax with the vehicles Vin number. If the dealer or seller will not give you the Vin #, consider this a major red flag and move on to another vehicle.
You will most likely pay less interest over the term of your loan because used vehicles tend to be less expensive than new ones.
But, that is only the case if you purchase a good used car.
Keep in mind that if the dealer or seller will not give you the Vin #, consider this a major red flag and move on to another vehicle.
If your credit score is in the 600’s, you should qualify for a non-prime APR rate, which will be higher than someone with a 700 or 800 credit score.
|Used Auto Loan Amount||3 Year |
|5 Year |
|7 Year |
Sample Quote For Credit Scores Of 611, 612, to 616, & 617: Assumes $2,000 down payment. Scores sourced from Nerd Wallet site and are accurate as of 6/12/19. All loan payment amounts are based on a used car loan APR interest rate of 10.34% for non prime borrowers with a credit score of 600 to 660. The loan terms included in this chart are for 3 years (36 months), 5 years (60 months), and 7 years (84 months). However, speak to your lender about additional loan options, including mortgage loan terms that cover; 1 year (12 months), 2 years (24 months), 4 years (48 months), 6 years (72 months), 8 years (96 months), 9 years (108 months), and 10 years (120 months). This is not an offer for a loan or a loan approval. Rates and stipulations change by state, income, credit score, and a variety of other factors. For informational purposes only.
Top Auto Refinance Rates
Say you have a credit score of 613 or 618…You can qualify to refinance with this score!A lot of people miss out on an opportunity to save themselves some money by not considering auto refinancing with a credit score over 600.
If you got dealer financing or your credit score has improved since you first financed your car, you could save money by refinancing.
Do not apply for a refinance car loan if your credit score is below 600.
By refinancing you may be able to lower your monthly payment and put that extra saved interest right into your pocket.
Keep in mind that if your credit score is 600 or below, you probably will not be able to find a better interest rate by refinancing and the new loan will cost you more in interest than the original one.
Please note that while we’re talking about some specific credit scores over 610 in this article, single digits shouldn’t impact your refinance decision.
In other words, whether your score is 613 or 615, or even on the higher end of our range like 619, your resulting rates will likely be very similar, and you should definitely consider auto loan refinancing.
|Refinance Auto Loan Amount||2 Year |
|4 Year |
|6 Year |
Sample Quote For Credit Scores Of 610, 612, to 615, & 617: Assumes no down payment. Scores sourced from MyAutoLoan.com and are accurate as of 6/12/19. All loan payment amounts are based on a refinance car loan with an APR interest rate of 3.09% for non prime borrowers with a credit score of 600 to 699. The loan terms included in this chart are for 2 years (24 months), 4 years (48 months), 6 years (72 months). However, speak to your lender about additional refinancing loan options, including loan terms that cover; 1 year (12 months), 3 years (36 months), 5 years (60 months), and 7 years (84 months), 8 years (96 months), 9 years (108 months), and 10 years (120 months). This is not an offer for a loan or a loan approval. Rates and stipulations change by state, income, credit score, and a variety of other factors. For informational purposes only.
Who has the Best Auto Loan Rates? Credit Unions, Banks, or Online Lenders
Trying to figure out who has the best auto loan rates can feel like an impossible task.
It is natural to want to use your local Credit Union or Bank because you feel loyalty to the financial institution who you trust with your monthly banking needs.
In some instances, going directly through your Credit Union or Bank can be your best bet for the lowest interest rates.
However, local Credit Unions and Banks often times are limited on the loan programs they can offer or can’t compete with the lowest online auto loan rates.
You also have to consider the time it takes to go to your local financial institution to obtain a quote for an auto loan.
It seems like for the past 20 years, Banks and Credit Unions have been cutting the numbers of employees there to help you and have been replacing them with fancy ATM machines.
⚠️ Be Careful!
Be careful if you get an auto loan from a Credit Union or Bank that you have a checking, savings, or CD account with. Some financial institutions require you to sign a document allowing them to take payment without your permission if you do not pay.
In comparison, you can obtain four loan offers within two minutes of filling out a short, one-page application with Auto Credit Express.
Even if you decide to see what your Bank or Credit Union has to offer, getting an online lender quote is free and takes next to no time.
Best Auto Loan Lenders in 2021
Compare multiple auto lenders at one time, pick the best option, and get approved for your loan.
Purchasing a car can be a stressful endeavor because of all the decisions you must make with that ‘helpful’ high-pressure car salesman stuck to your hip.
A great way to help alleviate some of that pressure and stress is by getting pre-approved for an auto loan long before you walk onto the car dealership lot.
Many people do not realize that they do not have to use the dealership’s financing options.
In fact, according to U.S. News:
“Having the entire car-buying process neatly bundled into one transaction…makes purchasing easy. However, it’s a horrible way to buy a car if you want to get a good deal. It’s a common dealer trick to keep you focused solely on the monthly payment while they manipulate the trade-in value, vehicle price, and car loan terms. In most cases, they make a significant portion of their profit on the sale by marking up the cost of the car loans you are offered.”
4 Non-Credit Factors that Affect Your Monthly Payment
Multiple factors play a role in determining a good auto rate for new, used and refinance loans.
Even if you have a credit score of 608, these five non-credit score related factors will have an affect on your monthly car or truck payment.
1. Income & Debt-to-Income
Lenders will want to make sure that you have enough money to pay your vehicle loan each month.
To determine this, they look at how much income you make each month and how much are your expenses.
They used the word, debt, instead of expenses, and call the combination of the two, your debt-to-income ratio.
Most lenders like to see your debt-to-income (DTI) around 40% including your new monthly auto payment.
3 Steps To Calculate Debt-To-Income Ratio
- Add up all of your monthly bills including rent, car payments, student loans, utilities, etc.
- Divide your total monthly bills by your total monthly income
- The resulting number is your debt-to-income ratio
👉 For example:
If I have $5,000 in monthly income and $2,000 in monthly expenses and I divided the monthly expenses 2k by monthly income 5k, I would have a 40% DTI.
➗ You can use our debt-to-income ratio calculator to find your DTI.
2. The “Right” Credit Score
I’m assuming you think that you have a FICO credit score in the 600 to 609 range.
You may have a credit score of 615 but it may not be a FICO score and your true credit score could be much higher!
A while back, the three big credit agencies; Experian, TransUnion, and Equifax, joined forces (think of the Empire in Star Wars) created a new credit scoring model they called VantageScore.
There credit scoring model doesn’t produce the same results as the FICO model because it is newer and weighs consumer’s credit histories a bit differently.
But, here’s the thing…
Most lender’s don’t use a Vantage credit score when determining the best rates for an auto loan.
They used the FICO credit scoring model, in fact, over 90% of lenders use FICO to obtain your credit score and determine your interest rate.
However, most FREE CREDIT SCORES are VantageScores.
So, if you think you have a credit score around 612, you may actually have a FICO credit score of 675, who knows?
The only way you would know is to go to MyFICO and get your FICO credit scores for Experian, Equifax, and TransUnion.
It could save you thousands of dollars in a lower interest rate loan!
Lenders want to loan money to people with steady incomes.
The most common way borrowers show that they have a consistent income is by the length of time they have been employed at one location.
People who jump from job to job regularly, have not been able to rely on one specific jobs income for a long period of time and therefore, by definition, do not have a steady income.
4. Down Payment
When you purchase a new or used car or truck you are going to have to make a down payment.
It doesn’t matter whether you have a 775 credit score or a 617.
Lenders want to make sure that you have some skin in the game and generally require you to make a 20% down payment on the purchase of a new car.
Used vehicles don’t depreciate their value as fast as a new automobile and because of this, lenders usually only ask consumers to make a 10% down payment on a used car.
However, if you have a trade in you can apply the value of the vehicle you are trading in to the down payment.
If you are looking to refinance your vehicle than you lucked out because lenders do not typically ask for a down payment.
Ways to Reduce Your Auto Loan Interest Rate
With a credit score between 610 and 619, you are going to qualify for prime loans at a higher interest rate than if you were able to increase your credit score to 780+.
Because you are so close to receiving prime credit score rates it may make sense to consider spending 30, 60, or 90 days building your credit.
The time and money spent would put you in a lower risk bracket and open the doors to much more financial freedom and better opportunities.
Another option to get a vehicle loan with a lower interest rate would be to ask a family member to co-sign on the loan.
The co-signer would become the primary borrower and you would be the secondary borrower.
They would be responsible for making the payments on the loan if you failed to do so, but you would qualify for an auto loan based on their credit score and not yours.
If you know someone with a good credit score, it may not hurt to ask them to be your co-signer.
Disclaimers: Annual Percentage Rates (APR), loan term, and monthly payments are estimated based on analysis of information provided by you, data provided by lenders, and publicly available information. All loan information is presented without warranty, and the estimated APR and other terms are not binding in any way. Lenders provide loans with a range of APRs depending on borrowers’ credit and other factors. Keep in mind that only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend on factors like credit score, requested loan amount, loan term, and credit history. All loans are subject to credit review and approval. Discrimination based on gender is absolutely forbidden. Whether the loan is for her or for him, you should receive the same terms.