What credit score do car dealers check?

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There are a few different credit score models, but chances are any dealer with credit partners will look at your FICO credit score.

FICO Score 8 vs. VantageScore

What credit score do car dealers check?The FICO credit scoring model is the most widely used credit scoring model by car borrowers and car dealers, and is also the oldest and first-ever credit scoring model. It is estimated that 90% of car borrowers use the current FICO Score 8 model when making credit decisions. Given the history and proven model in generate credit scores from credit reportsIt is widely used and plays a key role in most car loan decisions.

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Another well-known credit scoring model is called VantageScore, and it’s similar to FICO in the way it views your credit reports, but not as widely used by dealers. It is important to remember that all three credit bureaus can have different information about them. Depending on where you get your credit score and where the information comes from, you can see three different credit scores at any time, based on the information in your credit reports.

There are also three different major credit bureaus: TransUnion, Equifax, and Experian. Depending on what’s on these individual reports, they can all generate a different score. VantageScore typically only uses TransUnion and Equifax. The FICO score can use TransUnion, Equifax or Experian.

If you want to see the credit score that a car lender or car dealer will see, it is recommended that you specifically find out your FICO credit score. And if you want to see what lenders see when they pick up your credit reports, request them and comb through all three to learn where you stand.

Normally, you’re allowed to view your credit reports for free once every 12 months, but the pandemic created the need for consumers to track their credit reports during the economic downturn, so now everyone has free, weekly access. You can visit www.AnnualCreditReport.com to request yours for free.

Bad credit score and car loans

Your credit score is a measure of eligibility for car financing. Auto lenders use it to measure your creditworthiness, your ability to pay back borrowed money on time.

If you know your FICO credit score and it is below 660, you may need to: find a dedicated financial dealer for a greater chance of qualifying for a car loan. Borrowers with credit scores in that range and below are typically considered bad credit borrowers. Most traditional auto lenders, such as banks and credit unions, often require a higher credit score to qualify.

Dedicated financial dealers check your credit score, but they are signed up with subprime lenders who can help in many unique credit conditions. If you have a history of bad credit, no credit history, or have even gone through bankruptcy, a subprime lender could be the answer to your auto loan problems.

Locate a dedicated financial dealer

Skip the hassle of looking for a dealer who can help you with credit challenges and start with us Auto Credit Express. We’ve been matching bad credit borrowers to specialty financing dealers for over 20 years, and we want to help you too.

Get started with our free, no-obligation car loan application form.

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