Bookmark this page
It's continuing to get easier to obtain a car loan or car lease with not-so-good credit. The latest data from Experian Automotive shows that car loans to customers in the nonprime, subprime and deep-subprime categories are on the rise compared to the same period last year. Car leasing is also on an upward trend. “Expanding loans to lower-risk tiers opens the market for more car shoppers, while an increase in leasing means it is easier for consumers to get more vehicle for a lower monthly payment," says Melinda Zabritski, director of automotive credit at Experian Automotive.
Even though it is getting easier to buy or lease a car, lenders are still more risk averse than they were prior to the start of the recession. The latest Experian data showed that the average credit score for a new-car loan is currently 755, compared to 749 for the same period just prior to the start of the recession.
In an analysis of automaker brands, Experian identified these car makes as requiring the lowest credit scores for a new-car loan.
Lowest-scoring new-car loans by make
| Make | Credit score |
| Mitsubishi | 694 |
| Suzuki | 704 |
| Dodge | 718 |
| Kia | 721 |
| Scion | 723 |
| Nissan | 726 |
| Chevrolet | 737 |
| Chrysler | 737 |
| Ram | 737 |
| Fiat | 741 |
Tara Baukus Mello writes the cars blog as well as the weekly Driving for Dollars column, providing both practical financial advice for consumers as well as insight into the latest developments in the automotive world. Follow her on Facebook here or on Twitter @SheDrives.
new jersey lottery
If those are the lowest scoring auto loans then most of the American will go for that low credit score. All those statistics will help people to get car loan at cheap rate of interest. Thanks for sharing such information along with the statistical records are appreciated.
You have gathered wonderful statistics. Thanks for sharing. I like it.
This makes it possible for you to avail the loan at cheap rates of interest.
great
Loans Against Your Car. Instant Logbook Loan Quote! Call Us Free On: 08082565953. Lines open 8 am - 8 pm Mon-Fri. Sat 10 am - 4 pm. Title. Mr, Mrs, Miss
Very interesting....
I'm driving a 2012 Chevy that I bought - and financed - last year. And if memory serves, my credit score was somewhere around 580 at the time.
Granted, my interest rate is awful!
You can buy a new car, you just have to be willing to be robbed.
Make a car payment to yourself for 5 years and you can pay cash. No credit score required!
when you find one that handles under 600 do give me a call...
I totally am with you in your comment jmn. If having that 694 as the "lowest" credit score to qualify for a loan, I will never be able to buy a car any time soon. AR
Interesting...Honda may be the better way to go...I got a good deal with a not so good credit score. And I agree with JMN...most Americans would give an arm for have those so called "low scores". smh.
Really? REALLY? Those are the lowest-scoring car loans? REALLY?? I wonder if they sell any cars in America since the recession. Most Americans would give up an arm to have that "low" credit score. Sheesh.