Yes. 697 is a great credit score and a healthy CIBIL™ score, but you can get a better score with a higher credit score.  CIBIL™ scores are based on a scale of 300-900.  The higher your CIBIL™ score, the better you will qualify for a loan, because lenders want to make sure you qualify for as much credit as possible.

If you have a low credit score, however, getting a car loan can be challenging. You’ll need to provide plenty of documentation, including your bank statements and salary slips to convince the bank of your income stability. 

The 697 credit score is good. If you are looking to get a car loan for the first time, then you should probably just apply for one. It is not worth waiting just to get a cheaper loan, because the interest rates and other terms of the loan are still going to be higher than what you are paying now. Improving your credit score before applying for a car loan can help you get the best rates, and increase your chances of getting approved for a loan.

Here are the steps to improve your credit score:  

1. Pay all of your bills on time and in full, every month.  

2. Limit your credit utilization ratio.

3. Have a healthy credit mix.

4. Do not close old credit cards.

Credit scores are not the only important tool to consider when applying for a car loan. However, they do play a vital role in determining your interest rate and other benefits on the loan. A higher credit score puts you in advantage for negotiations. 

Also Read: What is a good CIBIL™ Score for Car Loan in India