What credit do they check for a car loan?

Which credit score do they check for a car loan? I know there are a few different ways to calculate a credit score. I want to make sure that I’m checking the right score before I get a loan.

You’re correct! There are a few different credit scores that your lender could check when you apply for a car loan. The most common ways to score are:
  • FICO® auto score. This score ranges from 300 to 900 (rather than the traditional 850) and is specific to the auto industry.
  • FICO score. One of the most common scores to use. Scores range from 300 to 850. FICO scores versions 8 and 10 are the most commonly used, but your lender could use any version to calculate your score.
  • VantageScore. VantageScore is a competitor to FICO. The three major credit bureaus helped develop it. The more recent versions use the 300 to 850 scale, but older versions have a scale of 501 to 990.
While it can be hard to predict which scoring model your lender will use, you can still prepare for a car loan application by evaluating your credit yourself. Generally, it’s a good idea to have a score of 660 or higher on the traditional 300 to 850 scale. A credit score over 700 will usually get you better terms. Many credit checking services allow you to see different types of scores, including auto or mortgage.
While you’re researching the car loan process, why not take a moment to research car insurance rates, too? The Jerry app makes it easy to save by collecting personalized car insurance quotes. That way, all you have to do is compare rates and choose the policy that you like best. They’ll even help you sign up and cancel any old policies you don’t need anymore!
Liz Jenson
Answered on Nov 17, 2021

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