Which credit score is used for car loans?

Which credit score should I be looking at for my car loan? I’m not sure which scoring method most lenders use. I want to make sure I’m checking the right numbers.

Answer
Staying informed about your credit score when looking for a car loan is important. While there are several different types of credit scores, most lenders will use one of these five when determining your terms and eligibility for a car loan:
  • FICO® 8 and 9. These models aren’t specifically for auto loans, but they are popular. Lenders often use these generic scores when looking at loan applications.
  • FICO Auto. This model is specifically for auto lenders. FICO Auto uses your FICO score but largely looks at your history of repaying auto loans.
  • VantageScore® 3.0 and 4.0. VantageScore is newer than FICO, but many lenders will use one of these two models when determining your eligibility. While the scoring is slightly different, the factors used to determine your score will not change much between FICO and VantageScore.
An easy way to check all of these numbers is to sign up for a credit monitoring service. Companies like Experian or Credit Karma give you the ability to check your credit score across various systems and bureaus.
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Liz Jenson
Answered on Dec 03, 2021
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