Collin asked in Business & FinanceCredit · 9 years ago

Which score do auto lenders usually look at?

My Equifax is 721, Transunion 715, Experian 637. I have a negative piece of information on my Experian that I can't get rid of, and I'm worried this is the one lenders will use the most, true or false?

I'm trying to get approved for a $16,050 auto loan, this will be my first major loan ( i have credit cards and stuff but that's it). I make $2,500 a month pre-tax. Is it a good chance I can get approved?

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  • 9 years ago
    Favorite Answer

    Auto finance is what I do for a living and auto lenders look at what called a "Auto Enhanced" version of credit that is not available to the general public so the scores you see will not be the ones they see.

    Also, most lenders look at either Equifax or Trnasunion.

    As far as you being approved goes, not very likely if the only things on your credit are credit cards without a co-signer. Your scores are fine, but your missing the profile required to qualify for a installment loan of this size.

    Good luck.

    Source(s): Finance Manager for a car dealer for over 11-years.
  • 9 years ago

    Did you know they don't look at those scores?

    They get their own report tailored to them and their own score.

    It is what is in your reports that is truly important - not a 3 digit number.

    It costs nothing to get pre-approved for a car loan.

    Call a small bank or credit union (they have the best car loan rates) and ask to make an appointment. Note: never tell a dealership how much you were approved for - you'll lose barganing power. Just tell him you are pre-approved for more car than what you want to spend

  • Anonymous
    9 years ago

    A good score is 660/749. You should be able to get a decent loan rate. But in the event they charge you a higher rate, you can always pay extra each month in order to cut down on the high interest rate.

    Source(s): Retired bill collector 35 years
  • Ryan M
    Lv 7
    9 years ago

    I don't think you have much to worry about. You will NOT get the best rates, but your credit AND income look sufficient to me to get approved.

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