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Almost every aspect of our lives is in some way affected to the world of finance. The Personal Finance section of Auto Loans America focuses on anything involving personal finance including your auto loan, mortgage, insurance or credit cards.

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What is considered a low credit score when applying for auto loans

Written by paul on September 9th, 2006 with no comments.
Read more articles on Credit Help.

When applying for auto loans in most situations a credit score of 550 will be the minimum score needed to obtain a fairly reasonable interest rate.If you have a credit score of 680 or better you will qualify for low rates. Check into your local credit union, they usually have better rates and terms than traditional banks.

You will need a credit score of 700 or better to be able to take advantage of the zero interest rate promotions

If you have less than perfect credit, it is recommended that you apply for financing through your local car dealer. Many dealerships use an Auto Enhanced FICO credit score which is a specialized credit score that takes into account your past performance on auto loans & leases.

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