Getting Your FICO Score For A Car Loan

Your FICO score affects what type of loan you qualify for. So what are some of the things you need to know about your FICO score.

1. Obtain your FICO score
2. Why knowing your credit score is important when getting a car loan
3. what is “FICO Auto industry option score”?  How is it different from your FICO score
4. What affects your score - check out this article for factors that affect your credit score
5. How you can improve your credit - check out this article improve your credit score for a better car loan rate

Obtain Your FICO Score            

You can obtain your FICO scores online.  The most common credit beareus are Equifax, Experian and TransUnion.  You can obtain your credit report and your credit score.  You can obatain a free credit report but might have to pay for your credit score (they sometimes offer trials or specials).  You need to get your credit score.  This score will help you determine where you are as far as your credit is.  Are you excellent.  Then you may qualify for those special APRs.  If you have bad credit then obtaining an auto loan car be a real challenging experience.

Why knowing your credit score is important when getting a car loan

Knowing your credit score will help you know if the car loan rate you are being offered is reasonable or not.  If you have bad credit and you are trying to get a special APR of say 2.0% you may be disappointed when the dealer comes back with a much higher rate or you are declined a car laon altogether.  Knowing your credit score can help you shop around for the best auto loan.

Shopping online for car loan will help you obtain the best interest rates for you.  Having your financing lined up before you go in an negotiate for our car can save you thousands of dollars.  Spend the time finding the car you want and negotiating a proce.  There is nothing worse then finding the car you want and then finding out you have to pay a much higher month payment or you will be paying on the car longer then you want to.  Having the car financing ahead of time you will not have to waste time at the dealership haggling over APRs or length of contracts.

If you have bad credit secureing an auto loan may be a bit more time consuming.  Looking online will be your best bet or finding a car dealer who really specializes in bad credit car loans will take some time.  Some dealers or online auto financing may nnot deal with people who have bad credit.  They may even tell you you will not get a car loan.  Knowing your credit score will help you decide if this is true.  You may quickly learn this lender or car dealer just does not deal with bad credit.  Keep looking.
What is “FICO Auto industry option score”?  How is it different from your FICO score