Best Auto Loan Rates with a Credit Score of 640 to 649 (New or Used)


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By Mark B. Huntley, Esq. 
Last Updated 03/06/2020


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Summary:  A review of the best auto loan rates for new, used & refinanced vehicles based on credit scores between 640 to 649.

If you are looking to find the best auto loan rates with a credit score of 640 to 649, you are in the perfect place!

In fact, this entire article was written just for people with a credit score in that range. 

To get started, click our current auto rates below:

Keep in mind rates vary by your credit score, state, and down payment.  For an actual quote based on your personal situation, we recommend Lending Tree.  Click here to for up to 4 offers in minutes.

Current Auto Loan Interest Rates 

Current Dates

60 Month new car

48 Month New Car

36 Month Used Car

3/25/2020

4.42%

4.38%

4.90%

3/18/2020

4.43%

4.39%

4.91%

3/11/2020

4.46%

4.42%

4.95%

3/4/2020

4.49%

4.45%

4.98%

2/26/2020

4.56%

4.51%

5.02%

2/19/2020

4.56%

4.51%

5.07%

2/12/2020

4.55%

4.50%

5.07%

2/5/2020

4.56%

4.52%

5.07%

1/30/2020

4.56%

4.52%

5.07%

1/22/2020

4.56%

4.52%

5.07%

1/15/2020

4.60%

4.56%

5.08%

1/9/2020

4.59%

4.55%

5.08%

1/2/2020

4.60%

4.55%

5.10%

Note:  Actual interest rates are based on many factors such as state, down payment, and verification of credit score.  For an accurate rate based on your specific factors, please click here.  Car loan interest rates provided by Bankrate. 35 types of FICO credit scores

*Updated 11/13/19 - Rates change often and differ based on your state, down payment, type of credit score (FICO, VantageScore, etc) and loan amount.  Click here for correct rates based on your situation.

Keep in mind that rates constantly change so it is best to use our rate checker below for an accurate rate.

A credit score in your range is considered "fair credit."

Your score will make you eligible for just about any new, used, or refinance automobile loan on the market.

With a 640 credit score there still is a lot of room for improvement and even more financial incentives for you to improve it. 

One quick fix we recommend is contacting our top-rated credit repair company for a free conversation about how they really can help you.

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Increase Your Credit by 100+ Points

In a recent study at Credit Knocks, we found that *48% of clients who used a credit repair company got a credit score increase of 100+ points.

Consultation is quick, easy, and free.

 

We will also discuss the pros and cons of getting financing through the car dealer, your local bank, a credit union, or an online lender. 

With all of this information we will be able to answer the real question you are wondering…

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How much is my car payment going to be each month? 

When you finish this article you will have a good grasp on how to get the best rates from an online lender so your monthly car payment will be the lowest possible.

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 640 to 649, check out one of these articles. Click on your credit score: 640 credit score641 credit score642 credit score643 credit score644 credit score645 credit score646 credit score647 credit score648 credit score, or 649 credit score.

Disclaimer: "Credit score" refers to 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.

Top Vehicle Loan Rates For A New Car - 640 to 649 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 person's 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 say, 642 or 643.

So when I say the Best New Car Rates, I'm talking about for people with a credit score between 640 and 649. 

Because the best new vehicle rates for people with credit scores around 641 or 646 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. 

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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 640 to 649 is 18%. 

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 640's, such as  641, 647, & 648.

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Estimated Monthly Payments For New Car Loan Of $20,000 by Credit Score

Credit Score

3 Year 

(36 months)

5 Year

(60 months)

7 Year

(84 months)

640

$622

$401

$307

641

$622

$401

$307

642

$622

$401

$307

643

$622

$401

$307

644

$622

$401

$307

645

$622

$401

$307

646

$622

$401

$307

647

$622

$401

$307

648

$622

$401

$307

649

$622

$401

$307

*Sample Quote For Credit Scores of 640 to 649.  Single digit credit score changes don't change the payment, so a 641, 644, and 648 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). This is not an offer for a loan or a loan approval. Rates and stipulations change by state, income, credit score type (FICO or VantageScore), and a variety of other factors.  Click here for correct rates based on your situation.

Keep in mind that rates constantly change so it is best to use our rate checker below for an accurate rate.

Soft credit inquiry.  Up to 4 offers in​​​​ minutes.

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). 

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Estimated Monthly Payments for Other New Car Loan Amounts (10k - 30k)

New Auto Loan Amount

3 Year 

(36 months)

5 Year

(60 months)

7 Year

(84 months)

$10,000

$311

$198

$153

$15,000

$467

$299

$230

$20,000

$622

$400

$307

$25,000

$778

$501

$384

$30,000

$933

$602

$460

Sample Quote For Credit Scores Of 640, 641, to 646, & 648: 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.  This is not an offer for a loan or a loan approval. Rates and stipulations change by state, income, credit score type (FICO or VantageScore), and a variety of other factors. Click here for correct rates based on your situation.

Keep in mind that rates constantly change so it is best to use our rate checker below for an accurate rate.

Soft credit inquiry.  Up to 4 offers in minutes.

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Best Used Automobile Rates - 640 to 649 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 645, 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.

My Auto Loan consistently provides consumers with the best rates in the states!

They provide you with four loan offers in under 2 minutes for  filling out a quick, free, no-obligation application.

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 

(36 months)

5 Year

(60 months)

7 Year

(84 months)

$10,000

$324

$214

$168

$15,000

$486

$321

$252

$20,000

$649

$428

$336

$25,000

$811

$535

$419

$30,000

$973

$642

$503

Sample Quote For Credit Scores Of 641, 642, to 646, & 647: 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).  Rates and stipulations change by state, income, credit score type (FICO or VantageScore), and a variety of other factors. Click here for correct rates based on your situation.

Keep in mind that rates constantly change so it is best to use our rate checker below for an accurate rate.

Soft credit inquiry.  Up to 4 offers in minutes.

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Top Auto Refinance Rates

Say you have a credit score of 643 or 648...

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.

If either of those two scenarios is true, contacting My Auto Loan and filling out a quick, free, no-obligation application may save you some money.

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. 

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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 643 or 644, or even on the higher end of our range like 649, your resulting rates will likely be very similar, and you should definitely consider auto loan refinancing.

Refinance Auto Loan Amount

2 Year 

(24 months)

4 Year

(48 months)

6 Year

(72 months)

$10,000

$432

$224

$154

$15,000

$648

$335

$231

$20,000

$864

$447

$308

$25,000

$1,080

$559

$386

$30,000

$1,296

$671

$463

Sample Quote For Credit Scores Of 640, 642, to 644, & 647: 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). This is not an offer for a loan or a loan approval. Rates and stipulations change by state, income, credit score type (FICO or VantageScore), and a variety of other factors. Click here for correct rates based on your situation.

Keep in mind that rates constantly change so it is best to use our rate checker below for an accurate rate.

Soft credit inquiry.  Up to 4 offers in minutes.

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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 MyAutoLoan.com.

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.

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.  

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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.”

 Typically the better financial move is to shop for the best auto rates online, get a pre-approval letter, and take that to the dealer where you want to buy your car.

Soft credit inquiry.  Up to 4 offers in minutes.

Best Online Auto Loan Rates By State

Whether you live in California or Texas, we have found the best online auto loans by state for you. 

If you want to get the best possible car loan rates in your state...

Simply click on the state that you live in below and  fill out a quick, free, no-obligation application to start driving your new car! 

5 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 646, these five non-credit score related factors will have an affect on your monthly car or truck payment. 

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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

1.

Add up all of your monthly bills including rent, car payments, student loans, utilities, etc.

2.

Divide your total monthly bills by your total monthly income

3.

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. 

There are multiple debt-to-income ratio calculators on the internet.  I like the free one provided by Credit.com here

Soft credit inquiry.  Up to 4 offers in minutes.

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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 645 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. 

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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 642, 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! 

Soft credit inquiry.  Up to 4 offers in minutes.

Employment

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. 

Additional Resources





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. 

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 647.

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.

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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. 

Soft credit inquiry.  Up to 4 offers in minutes.

Improving your credit score

With a credit score between 640 and 649, you are going to qualify for non-prime loans at a much higher interest rate than if you were able to increase your credit score to 700+.

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.

You can start by checking out our 90 day Credit Sprint for a personalized credit building plan.  I know it works because I personally increased my credit score over 100 points in under 60 days.

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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.  

Soft credit inquiry.  Up to 4 offers in minutes.

Take Action!

Finding the best auto loan rates can save you thousands of dollars over the life of your car loan. 

There are multiple factors we have reviewed that determine how to get the best interest rates for a vehicle loan.

The first step is to fill out a quick, free, no-obligation application and start your pre-approval process to buying that car of your dreams today! 

We hope this article answered all of the following questions:

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