Billy Covington If you’re thinking about buying a 2019 Subaru WRX, you may be wondering what kind of credit score you need to qualify for financing. The answer can be a little complicated, as credit requirements can vary depending on a number of factors, including the lender you’re working with, your income level, and your credit history.
In this article, we’ll take a closer look at what credit score you’ll need to qualify for financing on a 2019 Subaru WRX. We’ll also examine some of the factors that can affect your credit score, and offer some tips for improving your credit if you’re not quite there yet.
Key Takeaways
- To qualify for financing on a 2019 Subaru WRX, you’ll typically need a credit score of at least 650.
- Some lenders may be willing to finance you with a lower credit score, but you may need to pay a higher interest rate.
- Your credit score is just one factor that lenders use to determine your eligibility for financing. Your income, employment history, and credit history will also be taken into account.
- If your credit score isn’t where you want it to be, there are steps you can take to improve it, such as paying down debt, making payments on time, and disputing any errors on your credit report.
Factors That Affect Your Credit Score
Before we dive into what credit score you’ll need for a 2019 Subaru WRX, it’s important to understand what factors can affect your credit score in the first place. Your credit score is a number that’s calculated based on several different factors, including:
- Payment history: This refers to whether you’ve made your payments on time in the past. Late payments can have a negative impact on your credit score.
- Credit utilization: This is the amount of credit you’re using compared to the amount you have available. Ideally, you should aim to keep your credit utilization below 30%.
- Length of credit history: Lenders like to see that you have a long history of using credit responsibly.
- Types of credit: Having a mix of different types of credit, such as credit cards and car loans, can help boost your credit score.
- New credit: Applying for too much credit at once can be a red flag to lenders.
What Credit Score Do You Need for a 2019 Subaru WRX?
So, what credit score do you need to qualify for financing on a 2019 Subaru WRX? The answer can vary depending on the lender, but in general, you’ll want to aim for a credit score of at least 650.
This is the minimum credit score that most lenders will require in order to approve you for financing. However, just because you have a credit score of 650 or higher doesn’t necessarily mean that you’ll be approved for financing. Other factors, such as your income level and employment history, will also be taken into account.
In some cases, you may be able to get approved for financing with a lower credit score. However, you should be prepared to pay a higher interest rate if your credit score is on the lower side.
Tips for Improving Your Credit Score
If your credit score isn’t quite where you want it to be, there are steps you can take to improve it. Here are some tips to help you boost your credit score:
- Pay down debt: One of the biggest factors that can impact your credit score is your credit utilization. If you’re using a lot of your available credit, it can be a red flag to lenders. To improve your credit score, try to pay down your balances as much as possible.
- Make payments on time: Payment history is another big factor that can impact your credit score. To avoid late payments, set up automatic payments or reminders to make sure you’re always paying on time.
- Dispute errors on your credit report: Sometimes, errors on your credit report can drag down your credit score. Check your credit report regularly and dispute any errors you find.
- Avoid applying for too much credit at once: Applying for too much credit can be a red flag to lenders. Try to limit your credit applications as much as possible, and only apply for credit when you really need it.
Frequently Asked Questions
What’s the average interest rate for a 2019 Subaru WRX?
The interest rate you’ll pay on a 2019 Subaru WRX will depend on a number of factors, including your credit score, income level, and employment history. On average, though, you can expect to pay an interest rate of around 5% to 6%.
Can I get financing on a 2019 Subaru WRX with bad credit?
It’s possible to get financing on a 2019 Subaru WRX with bad credit, but you may need to pay a higher interest rate. If your credit score is below 650, you may want to consider taking steps to improve it before applying for financing.
How much will I need to put down on a 2019 Subaru WRX?
The amount you’ll need to put down on a 2019 Subaru WRX will depend on the lender you’re working with, as well as your credit score and income level. In general, though, you can expect to put down at least 10% to 20% of the car’s purchase price.
Should I get pre-approved for financing before buying a 2019 Subaru WRX?
Getting pre-approved for financing can be a smart move if you’re thinking about buying a 2019 Subaru WRX. Pre-approval can give you a better idea of how much you can afford to spend, and can also give you an advantage when negotiating with dealerships.
