Which Credit Score Is Used For Car Loans

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Which credit score is used for car loans – In the second quarter of 2020 people who got a new car loan had average credit scores of 718 and those who got a used car loan had average scores of 657 according to the q2 2020 experian state of the automotive finance market report. Although you might not know exactly which credit score an auto lender will use the following types of credit scores are popular options.

Depending on the lender they may use one of the following.

Which credit score is used for car loans – Fico 8 and 9. Fico also provides credit scoring models that are specific to the auto industry giving lenders. Credit score range new car loan used car loan. Which credit score is used for car loans

These are the latest generic fico scoring models. While there s no universal minimum credit score required for a car loan your scores can significantly affect your ability to get approved for a loan and the loan terms. What credit scores do car lenders use. Which credit score is used for car loans

Fico score 8 and 9. They provide a general look at your. These two models are the latest versions of fico s basic credit score. Which credit score is used for car loans

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