Have you ever applied for auto financing at car loan companies with a good credit score, but later found yourself with higher interest rates or denied financing? If so you may be one of the numerous amounts of people who have had their unknown credit rating utilized to determine their loan status.
This becomes even more likely when you consider that not all subprime auto financing companies utilize the same credit scores or bureaus. Which begs one to ask, "which FICO score are car loan places using"?
Different Credit Scores from Credit Bureaus
A consumer is usually said to have at least three diverse credit scores to account for, with each one possibly being different at Experian, Equifax, and TransUnion. There also is a FICO score which is both a brand and scoring method that mostly associated with myficoscore.com. This is largely because these three diverse credit monitoring bureaus utilize credit rating methods that are unlike the others, thus producing seperate results.
The differnce in FICO scores then forces auto finance companies to favor one or several credit scoring methods over the others, which can very well be different than what the borrower is used to monitoring. As a car loan company they may feel the need to find a credit report system that focuses more on past loan histories, or bad credit car financing, or even to handle consumers with no established credit.
How to Check All Credit Scores
All of the diverse credit scoring methods may be difficult to monitor, but as long as a person is able to keep a close eye on their three major credit ratings they should be in good shape. By simply contacting Experian, Equifax, or TransUnion any one can receive each of their FICO scores for a small fee. Borrowers are also capable of receiving free credit reports from these buearus every so often, which is another great way to monitor the status of ones credit.
How AutoNet Financial Can Help
Despite AutoNet Financial not being a direct supplier of credit checks or bad credit auto loans, we can still be a great asset to car buyers who are looking to get approved for a loan. Our network of dealers feature auto finance companies that use Experian, Equifax, or TransUnion credit scores when financing an applicant. All you have to do is fill out our online car loan application and we will make sure you are paired with a lender that can provide you the very best loan opportunity for your credit score.
