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How FICO Score Affects Getting a Car Loan

Introduction

Fair Isaac Corporation (FICO) Score refers to a category of credit score, which is used to prepare a credit report. This report is used to assess the applicant’s risk on the provision of credit, which also determines if the applicant’s current loan can be extended. To identify an individual’s credit risk, FICO Score takes into account your payment history on your credit, your current credit balance, your type of credit as well as the new credit. On average, a person’s score should be between 300 and 850. Persons with very good credit have FICO score of 650 and above. However, anything below 620 raises a problem when the need to obtain financing at a better rate is necessary.

FICO Score and Auto Loans

Auto lenders refer to your FICO Score in an effort to determine the rate they can offer you when seeking to obtain an auto loan. You may determine the amount you need depending on the car you want to purchase but the interest rate is dependent on several factors. The added advantage of maintaining a high credit score is that you will be able to qualify for a higher loan that are accompanied by lower interest rates.

Those with a limited credit history, low income or have had bad credit in the past can seek the assistance of consumer portfolio services. It plays a key role in purchasing and servicing of retail automobile contracts from specific independent or franchised auto dealers. This alternative source of financing will still look at our FICO Score to help determine the much they can finance without increasing the risks involved.

Why the FICO Score Matters

- It is part of the industry standards that must be looked into by every lending company.
- It is a key determinant on the amount of money you can borrow from a lender as well as the interest rate the amount will attract
- A good FICO score entitles individuals to better and more appealing interest rates even with a higher loan amount

Effect of Credit Scores on Auto Rates

With an excellent credit score (720-850), you can be sure that you will receive some of the best interest rates for your car loan while at the same time the lender will offer you a 100% loan request. In reference to loan repayment terms, they will be flexible and more likely as requested by the consumer. This is because they have a good credit history and they tend to keep to the repayment terms as agreed.

With a good credit score (680-720), are not a threat either but lenders will adjust the terms of application. These consumers still hold a bargaining power from the auto lender. They will receive relatively good interest rates but they are not in the same rank as excellent credit score consumers.
With a fair credit score (620-680), these consumers can still make a request on the amount they need and still influence the interest rate but the auto lender is cautious about this group. It is however advisable that you improve your credit score before making the decision to buy a new car.

With a poor credit score (350-640), this is a concern for many auto lenders but you can still work your way through t getting a car loan. Your request will probably not be financed fully and the lender has a better bargaining power. In this, the consumer will be compelled to work around the lender’s terms and conditions. This increases the interest rates to pay back.

Conclusion

Before seeking to get a loan for a car, it is best that you first boost your FICO Score to enjoy better interest rates rather than higher interest rates. In addition, you stand to hold a better bargaining power so you can influence the terms and conditions for your repayment period and periodic installments.

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