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. This will give you an idea of your score.
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.
Although the scores may differ in some ways, they all provide the same information. FICO 8 & FICO 9 are both the most used FICO scores. FICO 8 is the industry standard. It is used by many credit card companies and auto lenders. FICO 9 is the latest version. Wells Fargo is one of these companies. Mortgage providers often use TransUnion scores, although it is not as popular.
TransUnion
The TransUnion auto score is a credit score that focuses on auto loan underwriting decisions. It is claimed to be the only such score in the market. The company uses trending credit data and alternative credit data to create an auto score. This score is used by auto lenders and subprime credit card companies to make lending decisions. Among other things, it predicts whether or not an individual will default on their auto loans and credit cards.
Scores are based on a variety of factors and range from 300 to 850. It is important to note that not all loan types are eligible for the score. However, it will help them to understand their credit situation better and be eligible for loans.
Equifax
First, check your credit score before you start looking for auto loans. Equifax and TransUnion are the main credit bureaus. They report your credit scores. Each one calculates your score differently. Your credit score can help lenders decide if your are a good candidate to receive auto loans.
FICO(r), your Auto Score gives lenders a good idea of your financial situation. It features a scale of 250 to 900, and the higher your score, the less risk you are to default on your auto loan. It increases your chances to qualify for financing and will result in a better interest-rate. However, your individual credit score may depend on other factors, including income, debt, and other financial information.
Wells Fargo
Wells Fargo is one of the largest financial institutions in the world. 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's dealer networks can help applicants get approved for car loans. These partners are not listed on the Wells Fargo website. However, individual dealers can be contacted to determine if they have any relationships with them. It may take some time, but it will give you an idea of what dealerships might offer you based upon your credit history.