What is a Tier 1 credit score?
What is a Tier 1 credit score? I'm shopping for a car loan and I'm consistently seeing that the best rates are available for *Tier 1* credit scores.
Answer provided by
Answered on Jul 13, 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.
“A Tier 1 credit score is typically defined as a credit score of 750 or higher, although this may change slightly from lender to lender.
Customers with a Tier 1 credit score can usually secure the best rates on car loans because they’re perceived as low risk compared to other borrowers.
If you’re right below a 750 credit score, it might be in your best interest to keep paying other loans until you reach this level to save money and lower your interest rate.”
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Read advice from car experts at Jerry
Browse by topics
What others are asking
What do I need to do to finance a Maserati?
What do I need to do or where do I go to finance a Maserati? I want to purchase a Maserati, but I'll need to finance part of it.
Jul 13, 2021
What's a realistic monthly payment on a Lamborghini?
What can I expect my monthly payment to be on a Lambo? I want to buy a Lamborghini, and although I have the cash to pay for it, I'd rather have that cash on hand and finance it.
Jul 13, 2021