What credit score do lenders use when they're approving a car loan?

I was looking at my credit scores the other day, as I’m looking into getting a car loan, and my TransUnion score is about 40 points higher than my other credit reports. I’m not sure what this means for me getting a car loan—what score do lenders use?

Answer
Congrats on looking into a loan! Lenders each have their own methods for determining your creditworthiness for a car loan. However, almost all use the FICO Auto Score.
The FICO Auto Score ranges on a scale from 250 to 900 and can more accurately give a representation of your creditworthiness. However, many lenders do use other supplementary credit scores from other bureaus, including:
  • Experian
  • TransUnion
  • Equifax
These are the big three credit bureaus and they are used universally by lenders for mortgages, credit cards, and car loans.
Because lenders could potentially check each of these, you should take the time to review each one of your credit reports. You can use Credit Karma to review your scores, or you can request a copy of your credit report from each of these organizations once a year.
Your credit score also plays a pivotal role in your car insurance rates, so keeping your score up is tantamount to saving money! If you’re working on improving your score, though, another easy way to save money on your car insurance is through the Jerry app. We’ll get you personalized quotes from top-of-the-line providers so that all you need to do is choose the plan that works best for you—and once you choose one, we’ll even help you switch!
Best of luck with the loan!
Eric Schad
Answered on Oct 28, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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