PDFprof.comSearch Engine CopyRight

Which credit score is most important when buying a car


Some lenders use specialized credit scores, such as a FICO Auto Score. In general, you'll need at least prime credit, meaning a credit score of 661 or up, to get a loan at a good interest rate. If you have poorer credit, you can still get a loan, but you will probably have to pay more for it or else find a cosigner.

Which credit bureau is most important when buying a car?

What Credit Bureau Do Car Dealers Use? Auto dealerships use the FICO credit bureau, which stands for Fair Isaac Corporation. They also use the FICO Auto Credit Score, which has a range of 250 to 900.

What FICO score do car dealers use?

Most car dealerships use the FICO Score 8 scale to determine your eligibility for a loan. The FICO score is the most widely used because it is considered to be the most accurate assessment of your credit standing. It takes the scores of all three major credit bureaus to create a FICO score.

Which FICO score is used for car loans?

When people apply for a credit card or a loan, creditors obtain FICO® Scores from one of the major credit reporting agencies. Auto lenders use a special reporting system called FICO® Auto Score when determining the creditworthiness of a potential customer.