The borrowers of these vehicles had the highest and lowest credit scores in 2021.
Credit is such an important factor when financing a car. Not only does it impact the terms of your auto loan, but it can also impact the kind of car you drive off the lot too. How so?
Vehicles are getting more expensive every year, and better credit generally means better loan rates and terms. That includes the amount of financing you qualify for as well.
If your credit isn’t looking great, it could be more difficult to get approved for a pricey Tesla Model 3 (which had an average monthly payment of $873 in 2021) than, let’s say, a Toyota Camry.
So, which vehicles’ owners had the highest and lowest credit scores in 2021? RateGenius analyzed State of Auto Refinance report data to find out.
But before we jump in, it’s important to know which other criteria you’ll need to meet when refinancing. After all, there’s more to qualifying than your credit score.
Auto Refinancing Overview
Auto refinancing is like upgrading your car for better features, only you do this with your loan and terms. Essentially, refinancing allows you to obtain a new loan with a new lender oftentimes at a lower interest rate.
When you successfully refinance your auto loan, the new lender will pay off the old lender’s loan. Then, you will just owe the new lender based on their terms and interest rate. If you’re able to secure a lower interest rate, refinancing could save you money on interest over the life of your loan. Plus, it could help you get rid of unfavorable loan terms whether your old term was too long or your monthly payment was too high.
Refinancing is a solid option if you’ve been a subprime auto loan borrower but have improved your credit with consistent payments over time. Getting a new loan can help you improve your terms and possibly even pay off your vehicle faster.
Last year, borrowers who refinanced their car loans averaged $1,158 in annual savings.
Auto Refinancing Requirements and Criteria
During the refinancing process, your credit will be carefully evaluated, as well as other factors. While credit is important, you don’t need a perfect credit score in order to get approved. You will, however, need:
- Your credit history (that the lender will get from running your credit report)
- Vehicle information (including the type of car, year, and your current loan-to-value ratio)
- Current loan information
- Your Income (including your debt-to-income ratio)
Your refinance savings aren’t determined strictly by your financial profile. This rate is also influenced by competition between car dealers and sellers, consumers and lenders, as well as your region’s current economic status.
Still, your credit is one key area that you have control over when it comes to proving to lenders that you’re a reliable borrower who deserves a lower interest rate.
Vehicles With the Highest Average Credit Score
The State of Auto Refinance report found that the average credit score of auto loan refinance borrowers was 670 in 2021.
It’s helpful to know the average credit score of an approved applicant no matter what the vehicle model is because it can give you a good idea of what to aim for (or exceed) when it comes to your score. It’s a great starting point, but also keep in mind that some applicants had higher or lower scores.
So, if you’re not around this number, don’t lose hope for your chance to refinance your auto loan and potentially put more money back into your pocket.
Here are the vehicles with the highest average credit scores in 2021.
10. Toyota 4Runner
- Credit Score: 697
- MSRP: $37,605 for the 2022 SR5 Model
- MPG: 16 City / 19 Highway
- Fun Fact: This vehicle has been around for more than 35 years and each modern model is designed to drive smoothly on city streets but also be capable enough to steer through rougher terrain off the main road.
9. Subaru Outback
- Credit Score: 698
- MSRP: $27,145 for the 2022 model
- MPG: 26 City / 33 Highway
- Fun Fact: The Subaru Outback won the 2021 IIHS Top Safety Pick+ award (Insurance Institute for Highway Safety) as well as a 5-star safety rating from the National Highway Traffic Safety Administration due to its advanced driver-assist feature and all-around awareness technologies.
8. Chevrolet Silverado 2500
- Credit Score: 700
- MSRP: $57,270 for the 2022 model
- MPG: 13 City / 18 Highway
- Fun Fact: The Chevrolet Silverado 2500 can tow up to 18,510 pounds and has up to 15 available camera views. Refinancing this vehicle also saved the average borrower $145 per month.
7. Subaru Crosstrek
- Credit Score: 704
- MSRP: $22,645 for the 2022 model
- MPG: 27 City / 34 Highway
- Fun Fact: The Subaru Crosstrek won the 2021 IIHS Top Safety Pick+ award as well as the IIHS Top Safety Pick with Eyesight and Steering Responsive Headlights. According to Experian, at least 97% of Subaru Crosstrek vehicles sold in the last 9 years are still on the road.
6. Ford Fusion
- Credit Score: 707
- MSRP: $24,500 for the SE model
- MPG: 23 City / 34 Highway
- Fun Fact: This car was discontinued in 2020 but still remains a good-driving, mid-size sedan option among drivers. According to Cars.com, 92% of drivers recommend this car.
5. Honda Civic
- Credit Score: 711
- MSRP: $22,350 for the 2022 model
- MPG: 31 City / 40 Highway
- Fun Fact: Honda Civic was named the 2022 North American Car of the Year and it’s one of Edmunds 2022 top-rated sedans.
4. GMC Arcadia
- Credit Score: 712
- MSRP: $34,800 for the 2022 SLE and SLT models
- MPG: 22 City / 29 Highway
- Fun Fact: The GMC Arcadia has three rows of seating and can tow anywhere from 3,500 to 4,000 pounds. This vehicle also comes with Pro Safety Plus advanced safety technology like forward collision alert and automatic emergency braking.
3. Toyota Camry
- Credit Score: 726
- MSRP: $25,395 for the 2022 LE model
- MPG: 28 City / 39 Highway
- Fun Fact: This is one of Toyota’s most fuel-efficient vehicles and it has all-wheel drive.
2. Ford F-250
- Credit Score: 726
- MSRP: $43,035
- MPG: 14.6 City / 15.7 Highway
- Fun Fact: The Ford F-250 has a 7.7 out of 10 rating on Edmunds and is available in 6 different trim levels.
1. Toyota Prius
- Credit Score: 729
- MSRP: $24,625
- MPG: 58 City / 53 Highway
- Fun Fact: The Toyota Prius is the world’s best-known hybrid vehicle and more than 3 million cars have been sold to date. The name means “to go before” in Latin or “ahead of its time”.
Vehicles With the Lowest Average Credit Score
Now, which vehicles’ drivers’ had the lowest average credit scores? The following vehicles refinanced in 2021 had the worst scores.
10. Jeep Wrangler Unlimited
- Credit Score: 643
- MSRP: $29,995 (starting price) for 2022 models / The 2022 Wrangler Unlimited Sahara 4×4 starts at $41,745.
- MPG: 22 City /29 Highway
- Fun Fact: The original Jeep Wrangler only took two days to design. With World War II nearing, the Jeep Wrangler was designed to replace existing government-issued vehicles.
9. Kia Forte
- Credit Score: 643
- MSRP: $19,090 for the 2022 model
- MPG: 31 City / 41 Highway
- Fun Fact: Kia ranked #1 in vehicle dependability in a 2021 Study by J.D. Power. The Kia Forte also earned the 2021 IIHS TOP SAFETY PICK when equipped with Forward Collision Avoidance Assist and LED headlights.
8. Dodge Journey
- Credit Score: 646
- MSRP: $23,675 for the 2020 model
- MPG: 19 City / 25 Highway
- Fun Fact: This 7-seater front-wheel-drive vehicle was discontinued in 2020, but still holds a rating of 4.3 out of 5 on Cars.com.
7. GMC Sierra 1500
- Credit Score: 647
- MSRP: $32,300 starting price for 2022 models
- MPG: 23 City / 30 Highway
- Fun Fact: Borrowers who refinanced with this car saved about $152 per month on average.
6. Chevrolet Suburban
- Credit Score: 647
- MSRP: $65,095 starting price for 4WD Z71 2022 models
- MPG: 21 City / 27 Highway
- Fun Fact: Borrowers who refinanced with this vehicle saved around $144 per month and the biggest lifetime savings was $2,149.
5. BMW 5 Series
- Credit Score: 650
- MSRP: Starting at $54,200
- MPG: 25 City / 33 Highway
- Fun Fact: The BMW 5 Series is a luxury car that was originally released back in 1972. Since then, more than 7.5 million vehicles of the sixth-generation BMW 5 Series have been sold and it boasts high ratings among drivers.
4. Mitsubishi Outlander Sport
- Credit Score: 650
- MSRP: $21,445 for the 2022 Sport model
- MPG: 24 City / 30 Highway
- Fun Fact: Drivers who refinanced with this car saved an average of $132 per month. The biggest interest rate reduction from refinancing was from 17.4% to 5.3%.
3. Nissan Altima
- Credit Score: 651
- MSRP: $31,885 for the 2022 model
- MPG: 28 City / 39 Highway
- Fun Fact: The biggest interest rate reduction from refinancing this vehicle was from 18% to 7.8%.
2. Chrysler 200
- Credit Score: 651
- MSRP: Around $16,590 for the 2016 model
- MPG: 23 City / 36 Highway
- Fun Fact: Originally released in 2011, the Chrysler 200 was discontinued in 2017. The biggest interest rate reduction from refinancing this mid-size sedan was from 18% to 8.7%.
1. Nissan Rogue Sport
- Credit Score: 653
- MSRP: $33,265 for the 2022 model
- MPG: 25 City / 32 Highway
- Fun Fact: Borrowers who refinanced with this vehicle saved $130 on average.
Your Credit Score is Just One Piece of the Puzzle
Even though we’ve ranked these vehicle models by credit score, your credit score is just one piece of the puzzle when it comes to refinancing your auto loan. Other factors like your debt-to-income and loan-to-value ratio play a critical role as well. These additional factors can help offset a low or subprime credit score when you are looking to refinance your existing auto loan.
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