We're Here to Help With Your New or Used Car Loan
When it comes to auto loans, Mountain America is all about being helpful. When you finance your new or used car, you get:
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With a low-rate Auto Loan from Mountain America, you can get a new vehicle and get on your way in no time.
So don't wait! Apply online by clicking the button below, through the Mountain America
mobile app, or at a
local branch. You can even ask for Mountain America financing at the dealership.
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What kind of credit score do you need to get a car loan?
The credit score needed to obtain an auto loan depends on the lender. But the average credit score is around a 711 for a new car loan and a 644 for a used car loan.
Credit history is one of the main factors lenders use to determine auto loan approval and helps to establish whether the borrower is high or low risk. Most financial institutions will look at your industry-specific auto FICO® Score as well as request your base FICO® Score from the three consumer credit reporting bureaus: Equifax, Experian and TransUnion.
Credit scores don’t just determine if the borrower will receive a car loan and for how much, it also affects the interest rate. While it’s possible to find interest rates between zero to two percent on new car loans, borrowers will likely need a credit score of 700 or higher. Reversely, a borrower may find a lender willing to accept an average (mid-600s) or poor credit score (500s to low 600s) for an auto loan, the borrower’s interest rate will likely be three to five times higher than those with good or excellent credit. This interest rate may make car buying unaffordable all together by putting the borrower in a ten to 24 percent interest zone. Before choosing a lender, calculate various lenders’ car loan interest rates with your current credit score.
How do I refinance a car loan?
Refinancing your car is an easy way to lower your interest rate and monthly payments. To do this, you’ll need the right information and documents (car mileage, VIN number, current car loan numbers, driver’s license and income verification), and then you’ll choose a financial institution with which to apply.
The bank or credit union will review your information, check your credit history and then let you know whether or not you qualify for a lower interest rate. If you do, they’ll work with you to run the numbers and set your new loan term. to a lower monthly car payment.