 TITLE: How to Get a Car Loan CONTENT: Check Your Credit Scores First\n------------------------------\nBefore making a major purchase, it's a good idea to check your credit reports and scores at least three to six months prior to your planned purchase.\nThe credit score needed to qualify for a loan will vary depending on the lender, since they will each have different criteria to grant you a loan and may use different credit scoring models, such as the FICO® Auto Score 8, which has a score range between 250 and 900.\nSome lenders specialize in approving loans for those with lower credit scores. These can come with higher interest rates and less favorable terms. For example, if you wanted to purchase a car for $30,000 with an interest rate of 11% on a five-year loan, you'd pay $9,140 in total interest. With the same loan amount and term length, but with an interest rate of 4%, the total amount of interest you'd pay would be $3,150—just over a third of what you would pay at the higher rate. END