What Credit Score Do Auto Loans Use?

250 to 900

Which credit bureau is most used for auto loans?

Your history with auto loans could be especially important in determining your FICO® Auto Scores. VantageScore® 3.0 and 4.0. These are the two latest versions of the credit scoring model created by VantageScore, a credit scoring agency founded by the three major credit bureaus (Experian, TransUnion and Equifax).15 May 2019

What credit score do you need to finance a car?

At the end of 2017, the average credit score for a new-car loan was 713, and 656 for a used-car loan, according to an Experian report. But nearly 20% of car loans go to borrowers with credit scores below 600, according to Experian. Almost 4% go to those with scores below 500.

Can I get a car loan with a credit score of 600?

They normally qualify for competitive interest rates on their loans as well. However, even consumers with credit scores of 600 or less can get approved for an auto loan. Therefore, if a consumer finds that their credit score is 600 or lower, they should look for a dealership that handles special financing.4 Jun 2018

Can you get a car loan with a 579 credit score?

No, there’s no concrete minimum credit score for buying a car. In fact, even people with scores of 500 or less can qualify for auto financing with select lenders — especially if that lender specializes in those with poor credit. Lower scores, however, typically result in higher interest rates.29 Aug 2019

What is the lowest credit score to buy a car?

If you’re a super prime borrower with a credit score of 781 or higher, you can expect to get the lowest rates.17 May 2019

What credit bureau is used most?

But which credit bureau is the most used? There are three major credit bureaus in the U.S.—Equifax, Experian, and TransUnion.11 Apr 2019

Can you get a car loan with a 450 credit score?

A credit score between 550 and 450 will earn you a bad credit rating, and at that point; you will need a special financing auto loan to qualify for most car loans. This means that buying a car with a low credit score or no credit at all, the car buyer received an interest rate between 15 and 19 percent.21 May 2019

How much should I put as a downpayment on a car?

This means buyers who want to finance the purchase of a $15,000 used vehicle should plan to put at least $1,500 down. Lenders may require more money down on a new car than a used car to offset its quicker depreciation. Typically, an initial payment of 20 percent or more of the purchase price is wise.

What is the minimum amount you can finance a car for?

The General Amount for Car Financing

If you visit your local bank for a car loan, the standard response you’ll likely hear back is they need you to need at least $5,000 before they let you take out a loan. It’s set so that the bank can make a decent return on interest on the loan for you to be worth their while.