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What kind of credit is used for a car loan?
I am purchasing a car and will need to get a car loan. What kind of credit is used?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Each company rates your credit history differently, so there could be differences in your APR or interest rate, depending on your score. FICO and VantageScore use information from the three major credit bureaus: Equifax, Experian, and TransUnion. Both companies have different categories and ranges.
FICO
- Exceptional: 800-850
- Very Good: 740-799
- Good: 670-799
- Fair: 580-669
- Poor: 300-579
Vantage
- Excellent: 781-850
- Good: 661-780
- Fair: 601-660
- Poor: 500-600
- Very Poor: 300-499
The higher your credit score, the lower your interest and APR will be. Typically a score of good or above will get the best interest rates for loans as they see these borrowers as less of a risk. If you are preapproved for a loan and are unhappy with your rate, you can attempt to improve your credit before purchasing your car.
If that’s not possible, you can try to refinance after purchasing your car. An easy way to look at your refinancing options is with the
Jerry
app. Jerry compares your refinancing options and offers you the best deal.”View full answer
- Gregory R.
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