Auto Loan Calculator

Credit scores and Auto Loans

The first thing you should do when you are going to apply an auto loan is to get your FICO report. You can get yours at myfico.com and it´s free once a year. There you will have your FICOscores from Equifax, Experian and Transunion.

When you find a car and apply for an auto loan you must know that the FICO scores he is looking at are not the same as you have. The Auto dealer has Auto Enhanced FICO scores. A company called FairIsaac has made a computing that has the goal to weed out future poor paying loans.
These Nextgen scores are not available to you and me and only to lenders wich use this information to try and make a better judgment in your paying behavior.

So as you do should know your current FICO scores you can not assume that only based upon those scores your application will be reviewed.