A higher score makes it easier to qualify for a loan and can result in a better interest rate.
Most credit scores range from 300 to 850.
When researching and approving loans, car dealerships have access to a few different scores that consumers may overlook, such as the FICO auto score, Vantage Score, or other models.
What is a good auto FICO score?
What’s a good FICO® Auto Score? While different lenders use different standards for rating credit scores, when it comes to base FICO® scores, many lenders consider a 700 or higher (on a scale of 300–850) to be a good credit score.
What do car dealers see when they run your credit?
Car dealers check your credit to learn more about your financial situation and to protect themselves from fraudulent shoppers. Your credit report helps verify you are who you say you are. The information in your credit report is also essential to obtaining financing.
Does a car dealer have to give you a copy of your credit report?
Obviously, a car dealership will need a copy of your credit report if you apply for a loan. But there are number of other reasons that a dealer might request a credit report at various times during the shopping process.
Which FICO score do lenders use?
Auto lenders, for instance, often use FICO® Auto Scores, an industry-specific FICO Score version that’s been tailored to their needs. Most credit card issuers, on the other hand, use FICO® Bankcard Scores or FICO® Score 8. It turns out that the most widely used FICO score is the FICO Score 8, according to Fair Isaac.