New car loans

For secured new car loans, there is no set credit score requirement, although higher credit scores are generally viewed more favorably and can result in lower interest rates. Other factors are also considered when you apply for a loan, including but not limited to your income, debt-to-income ratio, and any down payment you plan to make.

Here are some characteristics we find people with good-to-excellent credit share:

• Credit history: Several years of credit history (excellent credit profiles have 5 or more years) with a variety of account types, including major credit cards, installment loans, vehicle loans, and mortgage debt, if applicable.
• Assets: The ability to save money, shown by retirement or investment accounts, as well as liquid assets such as checking and savings accounts.
• Income vs debt: Stable income and assets with the ability to repay current debt obligations in addition to your new car loan. (Excellent credit profiles typically include little, if any, credit card debt.)

• Payment history: A good-to-excellent payment history with few or no late payments, and no other problems repaying debt.


Everyone’s credit profile is unique, and during our approval process, we look beyond your credit score and examine your entire credit profile. Please note: A high FICO® score doesn’t guarantee approval.


Note for joint applicants: Each party on an application is reviewed equally since they share responsibility for this loan.

A secured car loan uses your car as collateral. Staying current on payments helps you maintain ownership of your collateral. An unsecured car loan does not have collateral. Because of that, it may have a higher interest rate compared to a secured car loan.

Generally, new car loan terms can range from 36 months to 84 months, with 60 month terms commonly used. Truist new car loans offer 84-month terms.^{Disclosure 3}

The interest rate on your new car loan will depend on factors including your credit profile, loan amount, and loan terms. Comparing multiple options can help you find the best interest rate.