Which credit score do car dealerships use?

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  • August 19, 2023 at 4:11 pm #11201
    StellarFi
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    August 19, 2023 at 4:15 pm #11203
    Team StellarFi
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    Like most lenders, car dealerships also look at your FICO® Score in order to determine your creditworthiness, or how much of a risk you pose in repaying the borrowed auto loan on time.

    FICO is the oldest credit scoring company in the United States and it has over 16 versions that are currently being used by lenders across the board. FICO also creates industry-specific credit scores for auto lenders and card issuers. Auto lenders primarily use FICO Score 8 and the FICO auto scores. However, this may vary. There are auto lenders who may use VantageScore, for instance. It is always best to check with the dealership as to which credit score model they use.

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Credit score increase based on StellarFi members’ data. Credit score increase not guaranteed. Credit scores will only be available to members whom we are able to validate. On-time payment history can have a positive impact on your credit score. Nonpayment may negatively impact your credit score. Failure to make monthly minimum payments by the due date each month may result in delinquent reporting to credit bureaus, which may negatively impact your credit score..