what score is used for auto loans

Best answer

300 to 850

People also ask

  • What credit score do lenders use for auto loans?

  • Credit-scoring models from FICO and VantageScore are most commonly used for auto loans, but lenders may also use the industry-specific FICO Auto Scores. With the FICO Auto Scores, FICO first calculates your 鈥渂ase鈥?scores 鈥?your traditional FICO scores 鈥?then adjusts the calculation based on specific auto risks.

  • What is the FICO Auto Score?

  • FICO offers a FICO Auto Score that’s specific to auto lenders and not sold directly to consumers. The FICO Auto Score uses a 250 to 900 range, which means the auto lender’s credit score could be much higher or lower than the score you check.

  • What credit score do I need to lease a car?

  • VantageScore and FICO Score are the two main scoring models that provide credit scores. Both score consumers on a scale from 300 to 850, and auto lenders may use either to approve you for a new car loan or lease.

  • Are auto insurance scores the same as your credit scores?

  • Just remember that your auto insurance scores are not the same as your credit scores, and a lender may not use your auto insurance scores. Even if you can鈥檛 see your exact FICO Auto Scores, reviewing your credit reports means having access to your auto loan history and can help you determine what you can do to improve your credit.

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