If you want to buy a new car, there isn't much you can do about rising prices or elevated financing rates.

But you likely have some control over your credit score, which can account for more than $10,000 in savings off the total cost of a vehicle.

That's because the annual interest rate that you pay on a loan can vary based on your credit score by a difference of 10% or more.

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An excellent FICO credit score of 720 to 850 will likely get you the lowest annual percentage rate, since it indicates to lenders that you're a trustworthy borrower. On the flip side, credit scores closer to 500 will get you double-digit APRs — or even no loan offer at all, especially if it's 600 or less.

How your credit score can affect your monthly car payment

Here's a look at the average APR borrowers are offered across various credit score ranges, according to credit scoring firm FICO.

• 720-850: 7.5%
• 690-719: 8.65%
• 660-689: 10.42%
• 620-659: 12.57%
• 590-619: 16.94%
• 500-589: 17.8%

Say you want to buy a vehicle for $48,644, the average price of a new car, according to Kelley Blue Book estimates. If you pay a 15% down payment and take out a 60-month loan, here's what your monthly payments would be, based on FICO's calculations for each APR.

• 720-850: $829
• 690-719: $851
• 660-689: $887
• 620-659: $933
• 590-619: $1,027
• 500-589: $1,045

Based on these monthly rates, the total amount of interest you'll pay on the loan will vary between $8,366 and $21,370, depending on your credit score.

How to improve your credit score

While it might take several months, you can improve your credit score with good credit habits. 

The most important habit is to simply make your payments on time, which accounts for 35% of your credit score. In fact, individuals with a credit score of 800 or higher pay their bills on time, every time, according to a 2023 LendingTree study.

Using only a small proportion of your existing credit is another one. Otherwise known as your credit utilization ratio, it accounts for 30% of your credit score. Having a good mix of loan types — auto, mortgage, credit cards  — helps too, as does keeping those accounts open for a long time.

With those improvements, you could save thousands on a car loan based on your credit score alone.

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