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,…