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 a FICO® Auto Score?

  • The FICO Auto Scores are based on a generic FICO Score, and then the score is altered to better predict a person’s likelihood of repaying an auto loan on time. Your history with auto loans could be especially important in determining your FICO Auto Scores.

  • 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.

  • What version of Fico is used for auto loans?

  • What’s more, there are four versions of the FICO Auto Score, and the lender may use any of them. The FICO Auto Score 8 is the most recent version and is used across all credit bureaus. Some dealerships or finance companies may use one of the older versions: FICO Auto Score 2, FICO Auto Score 5,…

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