What credit score do you need to purchase a car from a car dealership?
Filed in Credit Help Zone on Aug.19, 2009
M Reider asked:
My Average credit score from all 3 agencies is 651. What are car dealerships looking for in a credit score? My Fico score is about the same. Will I get a decent rate?
Bailey
My Average credit score from all 3 agencies is 651. What are car dealerships looking for in a credit score? My Fico score is about the same. Will I get a decent rate?
Bailey
August 19th, 2009 at 12:49 pm
Talan
The lower your credit score, the higher your down payment. If you’re buying a vehicle all at once, you should be fine. Places with low down payments and expensive cars look for scores of 720 and higher.
August 21st, 2009 at 10:48 pm
Izaiah
freecreditreport.hotusa.org – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.
August 23rd, 2009 at 4:40 pm
Albert
FICO score. Created by the Fair Isaac Corporation, FICO is the best-known credit scoring system in the United States.
Based on the information in your credit report, your FICO score is calculated using complex, proprietary formulas that weigh the amount of debt you carry relative to your available credit, the timeliness of your payments, the type of debt you carry, and a great many other factors to assign you a credit score between 300 and 850.
The top 20% of credit profiles receive a score over 780 and the lowest 20% receive scores under 620. Lenders use your credit score to assess your credit risk, or the likelihood that you will default on a loan and offer the best — or lowest — interest rates to credit applicants with the highest scores.
The Equal Credit Opportunity Act (ECOA) prohibits factors such as race, color, gender, religion, national origin, or marital status from being considered in any credit scoring system, including FICO.
for more info.
thanks bye tc