What credit score do I need for an auto loan?

Most lenders require a minimum credit score of 580–620 for auto loan approval. However, borrowers with scores of 700 or higher typically qualify for the best interest rates. Even with bad credit, some lenders specialize in subprime auto loans.

What is the average auto loan interest rate?

As of 2026, average auto loan rates range from 5% to 8% for borrowers with good credit (700+). Borrowers with fair credit (600–699) typically see rates between 9% and 14%, while subprime borrowers may face rates of 15% or higher.

How long should my auto loan term be?

Most auto loans range from 36 to 72 months. A shorter term means higher monthly payments but less interest paid overall. A 60-month loan is the most common balance between affordable payments and total cost.

Can I refinance my auto loan to get a lower rate?

Yes. Auto loan refinancing is a smart move if your credit score has improved since you took out the original loan or if interest rates have dropped. Many lenders offer refinancing with no fees, and you could save hundreds or thousands over the life of the loan.

Best Auto Loans for 620 Credit Score (March 2026)

Q: Should I get pre-approved for an auto loan before visiting a dealership?

Absolutely. Getting pre-approved gives you a clear budget, a baseline interest rate to compare against the dealer's offer, and stronger negotiating power. Pre-approval from a bank or credit union typically takes minutes online.

620

Fair Credit Range

Auto Loans Options at This Score

What to Expect

Fair credit opens more doors. You'll qualify for most standard loan products, though rates will be higher than average.

WiseIQ Expert Tip

Get pre-approved for an auto loan before visiting a dealership. Pre-approval gives you negotiating power and protects you from dealer financing markups that can add $1,000–$3,000 to your total cost.

Rate Impact

Rates typically run 3–8% above prime.

💡 Top Tip for 620 Credit

Keep credit utilization below 30% and avoid applying for multiple products at once.

Timeline: 6–12 months of responsible credit use can move you to good credit.

620 Fair Credit

Last Updated: March 2026 WiseIQ Editorial Team 8 min read

Rate Range

10.99% – 19.99%

Approval Odds

Near-subprime — more options

Min. Down Payment

5–10%

⚠️ Advertiser Disclosure: WiseIQ is reader-supported. We may earn a commission when you click links to our partners. This does not affect our editorial independence or the rates you receive.

← 600 Browse by Credit Score 640 →

620 opens up more lender options and rates start to become more manageable. You may qualify at some credit unions and online lenders at better rates than traditional banks.

Our Top Picks for 620 Credit Score

Best Overall at 620

Capital One Auto Navigator

APR Range10.99% – 19.99%

Min. Credit ScoreNone stated

Why we recommend it: Capital One is one of the most accessible major banks for 620 borrowers, with a smooth pre-qualification process and competitive rates for the score range.

Check Your Rate →

Best for Refinancing

AutoPay

APR Range11.99% – 21.99%

Min. Credit Score580

Why we recommend it: If you already have a high-rate auto loan, AutoPay can help you refinance at 620 for a lower rate and monthly payment.

Check Your Rate →

Best for Comparison Shopping

myAutoloan

APR Range11.49% – 20.99%

Min. Credit Score575

Why we recommend it: myAutoloan's multi-lender platform is especially valuable at 620 where rates vary widely between lenders.

Check Your Rate →

Frequently Asked Questions

Is 620 a good credit score for a car loan?

620 is considered near-subprime. You'll qualify for more lenders than at 580–600, but rates are still above prime. Expect 11–20% APR. Improving to 640+ would meaningfully lower your rate.

Can I get a car loan from a bank with a 620 credit score?

Most traditional banks require 660+ for standard rates. At 620, credit unions and online lenders like Capital One Auto Navigator typically offer better terms than big banks.

How much will my monthly payment be on a $20,000 car at 620 credit?

At 15% APR for 60 months, a $20,000 auto loan costs about $476/month and $8,570 in total interest. At 10% APR, it drops to $425/month and $5,496 in interest.

Sources & Methodology

WiseIQ's editorial team researches and fact-checks all content using primary sources. Our recommendations are based on independent analysis and are not influenced by advertiser relationships.

Consumer Financial Protection Bureau (CFPB) — regulatory data and consumer guidance
Federal Reserve — Consumer Credit Report (G.19) — interest rate benchmarks
AnnualCreditReport.com — official free credit report access
myFICO Credit Education — credit score methodology
Lender and issuer websites — rates, terms, and eligibility verified directly from source

Last reviewed: April 2026 | How we rank products

Best Auto Loans for a 620 Credit Score

Capital One Auto Navigator

AutoPay

myAutoloan

Sources & Methodology

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