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Which Credit Score Is Used To Buy A Car. What is a good credit score to buy a car? If your credit score is lower, you’ll probably be offered a higher interest rate.
from venturebeat.com
The lender is taking both applicants’ credit history and financials. Buying a car with a bad credit score means you’ll have fewer options to choose from when looking for an auto loan to finance your new car purchase. Fico score is the most common credit score that lenders use, with 90% of top lenders using it, according to fico.
Fico ® score ☉ 8 and 9. You will likely need a credit score of 500 or above to qualify for an auto loan. These are the latest generic fico ® scoring models. And the lower it is, the more you’re likely to pay.
