 TITLE: Should You Buy a Rental Car? CONTENT: How to Get Your Credit Ready to Buy a Car\n-----------------------------------------\nDifferent lenders may use different credit scoring models and have different standards, so there's no set credit score you need to get an auto loan. However, if your score is fair or poor, you'll likely pay a higher interest rate or may even need a co-signer on the loan. That's why it's a good idea to get your credit score in shape before you start shopping.\nAccording to Experian's State of the Automotive Finance Market report for the second quarter of 2020, used car buyers with credit scores considered \"subprime\" took out loans with interest rates more than double what borrowers with prime credit scores could secure, on average. The average interest rate on a used car loan for borrowers with credit scores in the range of 501 to 600 was 17.78%, according to the report, whereas those with scores in the 661 to 780 range had an average used car loan rate of 6.05%.\nThree to six months before you plan to apply for a used car loan, consider checking your credit report and credit score. This will give you time to work on improving your credit score if necessary. Bringing any late payments current, paying your bills on time, paying down credit card debt, and not applying for new credit are simple ways to help improve your credit score. Experian Boost™† , a free service that reports your on-time cellphone and utility payments and other bills to credit bureaus, can also boost your credit score quickly. END