which score do they choose for Auto loan

There are 3 kinds of scores. Mortgage, consumer and auto. Each one is different, but I think they use the middle score. Why don't you call dealership and ask what type of interest rate you will get with your score.

 

JMason hit it right on the head. The lenders don't look exclusively at your FICO score. It's not as simple as:

If FICO is between 550 and 590 then the rate is 29.99%
If FICO is between 591 and 600 then the rate is 24.99%
If FICO is between 601 and 610 then the rate is 19.99%
If FICO is between 611 and 630 then the rate is 14.99%
If FICO is between 631 and 650 then the rate is 9.99%

etc

Your FICO score is basically an overall snapshot of your credit risk. They will run your entire history through an intelligence system to categorize you into a risk model. This process not only looks at your FICO score, but adjusts based on the relevance of the individual entries. For example, the fact that you were 30 days late on a car payment two years ago is more significant to them than the fact that you were 30 days late on your credit card two years ago.

 

Well I'm still fighting a Credit Union who got Paid in Full by HMF (Hyundai Motor Finance) when I bought I bought a new model car, and it took them 4 weeks to get the check to the Credit Union. So now, my CRA all 3 shows ACCT Closed 30 DAYS LATE and I've had a perfect report except for this! I've disputed and the the CRA claims this is valid by the reporting Credit Union. I've talked to the Credit Union and they said talk to HMF. Icalled HMF and they told me they paid off the account. I think I'm getting a run around..

 

Besides looking at your credit score, banks will look to see if you have history with an auto or installment loan. If you don't have history of an auto loan on your credit profile they might limit you on the amount that you can borrow. Thanks! Heather with BoostMyScore.NET