What does Tier 5 credit refer to?
Is Tier 5 credit good? My lender told me that I'll have to settle for a higher interest rate on my car loan because I have Tier 5 credit.
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Answered on Jul 15, 2021
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“Tier 5 credit refers to people who have a credit score between 580 and 619.
These scores are generally perceived as the second-highest risk to lenders.
To offset this risk, lenders charge you a higher interest rate.
In some cases, they may also require a cosigner for a car loan unless you can make a sizable down payment.”
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