Your credit score is an important aspect of the car-buying process. A low credit score could prevent you from purchasing the car that you desire. There are many credit reporting agencies available, including Equifax, TransUnion and Experian. There's an easy way for you to check your score. Visit these websites to get an estimate of how high you are.
Experian
FICO Auto score is a credit score which focuses on the credit history of a consumer in auto-related areas. These scores are popular among auto lenders, as they include both the consumer's general credit history along with details of their auto credit history. The FICO Auto Score was released in 2016 and is available through TransUnion, Equifax and Experian.
While the scores differ slightly, they all represent the same information. FICO 8 or FICO 9 are the most popular FICO scores. FICO 8 (the industry standard) is used by many auto lenders as well as credit card companies. FICO 9 is the most recent version of the FICO score. It is used by Wells Fargo, and other select companies. Mortgage providers use the TransUnion score, but it isn't as common.
TransUnion
TransUnion's auto credit score focuses primarily on auto loan approval decisions. The TransUnion company claims it's the only score of this type in the marketplace. It takes alternative and popular credit data and generates an auto score for each individual. This score is used to make lending decisions by auto lenders and subprime creditors card companies. It predicts, among other things, whether an individual will default on auto loans or credit cards.
Scores are based on a variety of factors and range from 300 to 850. However, it is not a guarantee that an individual will be eligible for every type or loan. It will help them understand their credit history and ensure they are eligible for loans.
Equifax
If you are shopping around for an auto loan, your first step should be to get your credit score. Equifax, Experian and TransUnion are the three main credit bureaus that report credit scores. Each bureau calculates your score in a different way. Your credit score is what lenders use to decide if you're a candidate for auto loans.
The FICO(r), Auto Score, is a report that provides lenders with an indication of your ability to afford the car you desire. It is a scale from 250 to 999. The higher your score the lower your risk of defaulting on your auto loan. This will increase your chances of getting financing and receive a better interest rate. However, your credit score is affected by many other factors, such income and financial information.
Wells Fargo
Wells Fargo is one of the largest financial institutions in the world. They offer a variety of services to their customers, including free FICO Scores. These scores aren't exclusive to Wells Fargo. Instead, they are based off credit information from at least one of the major credit bureaus.
The Wells Fargo network can help you get approved for a car loan. While the Wells Fargo website doesn't list these partners, you can contact individual dealerships to see if they work with them. This can be slow, but you will get a list of dealerships that will offer you the best deal based on your credit score.