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Posted in Auto Loans
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slashers70nova

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what credit score do they use for car buying the dealer said s one just for car buying is this true

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Yes it is true but, it's more likely that each lender would use different scoring models for their lending decision, they could chose to use FICO 8 auto score or FICO 9 auto score or simply uses any one of the FICO next gen/98/4/8/9 classic scores...so forth and so on... We do have 100s scores out there.

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Your question is probably best directed to the firm who you are considering for the loan.   Each firm will use their own formula or one of the many FICO related scores.   Usually they will view all three reports, toss out the highest and the lowest and go for the middle.  They also take a closer look at any prior auto finance you had on your account as it reflects your auto payment indicator.  Even if this was 10 years ago and still on your closed accounts.  A dealership itself will usually pull all three, and the actual finance company they recommend will pull just one for the final decision.   You can forgo this process by securing your auto financing prior to going to the car dealership.   You would have no need for them to pull your scores if you already have a pre-approval.  They merely submit the papers to your selected finance company.  They may try to encourage you to allow them to see if they can get you better rates.  This is your decision to make at that time.  Do you homework carefully and wisely.

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