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 several credit agencies that can help you check your credit, including Equifax and TransUnion. There is an easy way to see your credit score. By visiting these agencies' websites, you can get an estimate of your score.
Experian
The FICO Auto Score is a credit score that focuses on a consumer's auto-related credit history. These scores are preferred by auto lenders because they show both a consumer's general credit history and the specifics of their auto-related credit history. TransUnion Equifax, Experian and Equifax released the FICO Automotive Score in 2016.
Although they may have different scores, all of them represent the same information. FICO 8 and FICO 9 are two of the most common FICO scores. The FICO 8 is the industry standard and is used by many auto lenders and credit card companies. FICO 9, the latest version for generic FICO scores, is currently used by Wells Fargo. Mortgage providers may use the TransUnion score. It is not as widespread.
TransUnion
TransUnion's Auto Score is a credit score which focuses on auto loan underwriting decisions. The company claims it is the only score of its kind in the market. It uses alternative and current credit data to calculate an auto score. This score is used for lending decisions by auto lenders as well as subprime credit cards companies. It can be used to predict whether or not an individual is likely to default on their auto loans.
The score is based on various factors, and is usually between 300 and 850. It is important to note that not all loan types are eligible for the score. However, it will allow them to better understand their credit situation and make sure they are eligible to receive loans.
Equifax
Your credit score is the first thing you should do when looking for an auto loan. 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 will help lenders determine if you are a good candidate for their auto loans.
Your FICO(r) Auto Score is a report that gives lenders an idea of whether you can afford the car you want. It features a scale of 250 to 900, and the higher your score, the less risk you are to default on your auto loan. You will also have a higher chance of getting financing and a lower interest rate. However, your credit score can be affected by income, debt, or other financial information.
Wells Fargo
Wells Fargo, one of the most important financial institutions in the globe, is Wells Fargo. They have an extensive array of services for 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. The Wells Fargo website doesn’t list these partners. You can however contact individual dealers to find out if their dealerships work with you. Although this may take some time it will tell you what dealerships are willing to offer you based your credit history.