A credit score is very important in the purchase process. If it is not good, you may be prevented from getting the car of your dreams. There are several credit reporting agencies such as Equifax TransUnion and Experian. Fortunately, there is a simple way to check your score. This will give you an idea of your score.
Experian
FICO Auto Score measures a consumer's credit history in relation to auto-related debt. These scores are popular among auto lenders, as they include both the consumer's general credit history along with details of their auto credit history. TransUnion, Equifax, and Experian offer the FICO Auto Score.
The scores can be slightly different, but they all contain the same information. FICO 8 & FICO 9 are both the most used FICO scores. FICO 8 is the industry standard. It is used by many credit card companies and auto lenders. FICO 9 is the latest version. Wells Fargo is one of these companies. Mortgage providers use the TransUnion score, but it isn't as common.
TransUnion
The TransUnion auto score is a credit score that focuses on auto loan underwriting decisions. It is claimed to be the only such score in the market. It combines alternative and trended credit data to generate an auto score for an individual. This score is used by subprime credit card firms and auto lenders to make lending decisions. It is used to predict whether an individual will default with their auto loans or credit card.
The score is based on various factors, and is usually between 300 and 850. The score does not automatically qualify you for every loan. This will enable them to assess their credit score and to determine whether they are eligible to apply for loans.
Equifax
First, check your credit score before you start looking for auto loans. Equifax (Experian), TransUnion and Experian are the three major credit bureaus. All three of these credit bureaus report your credit score. Each bureau calculates your score in a different way. Your credit score will help lenders determine if you are a good candidate for their auto loans.
Your FICO(r), or Auto Score, gives lenders an indication of how likely you are to be able to afford the car that you want. This score is calculated on a scale between 250 and 900. The higher you score, the less likely you are to default. It also increases your chances of qualifying for financing and receiving a better interest rate. Your individual credit score will depend on many factors, such as income and financial information.
Wells Fargo
Wells Fargo has the distinction of being one the largest financial institutions worldwide. They provide a broad range of services including free FICO scores. These scores don't just belong to Wells Fargo. They can be derived from credit information from all three major credit bureaus.
The Wells Fargo network's dealer networks can help applicants get approved for car loans. While the Wells Fargo website doesn't list these partners, you can contact individual dealerships to see if they work with them. It may take some time, but it will give you an idea of what dealerships might offer you based upon your credit history.