A good credit score to buy a car is often above 660, as you’re then considered a “prime” borrower. There’s no industry-wide, official minimum credit score in order to qualify for an auto loan. Generally, the higher your credit score, the better terms you’re likely to get on the loan.
Also know, how long does it take to get a credit score of 740?
It will take about six months of credit activity to establish enough history for a FICO credit score, which is used in 90% of lending decisions. 1 FICO credit scores range from 300 to 850, and a score of over 700 is considered a good credit score. Scores over 800 are considered excellent.
In this regard, is 730 FICO score good?
A FICO® Score of 730 falls within a span of scores, from 670 to 739, that are categorized as Good. … 21% of U.S. consumers’ FICO® Scores are in the Good range. Approximately 9% of consumers with Good FICO® Scores are likely to become seriously delinquent in the future.
Is 740 A OK credit score?
Your FICO® Score falls within a range, from 740 to 799, that may be considered Very Good. A 740 FICO® Score is above the average credit score. Borrowers with scores in the Very Good range typically qualify for lenders’ better interest rates and product offers.
Is 750 a good credit score to buy a car?
A score of 750 points or higher is considered excellent credit. These borrowers are seen as having a very low risk by lenders, so they get charged less interest. If your credit score is in this range, you may qualify for financing incentives and loan deals offered by auto makers.
Is a 740 credit score good for a 21 year old?
In fact, according to Credit Karma, the average credit score for 18-24 year-olds is 630 and the average credit score for 25-30 year-olds is 628. … A “good” credit score based on FICO’s criteria is 670-739, a “very good” score is 740-799 and an “exceptional” score is 800-850.