Is a FICO score used for car loans?
I want to check my credit before I apply for a car loan. Do most lenders use the FICO score?
Checking your credit score before you get a car loan is an awesome way to make sure you get the best rate possible!
All lenders are different in terms of what credit score they use. Some use one of the big three credit bureaus:
Others use the FICO Auto Score. This score ranges from 250 to 900 and may have a more accurate assessment of how creditworthy you are for a car loan. To see your FICO Auto score, sign up for one of the FICO Basic, Advanced, or Premier credit monitoring services.
Each of these offers 28 versions of your credit score so you always know where you stand before applying for a loan, mortgage, or other types of credit.
Since you’re shopping around for car loan rates, do the same with your car insurance. With the Jerry app, you can compare dozens of quotes from reputable insurers so you always get the best rate possible.
Meta: Some lenders may use your FICO score to determine your creditworthiness for a car loan. Learn more here.
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