How can I see my FICO Auto Industry Option Score?
The auto enhanced FICO report is not easily available to the public. You can, however, purchase your auto credit ratings from myfico.com. When you buy a copy of your credit report, you will receive six credit scores showing two scores from Experian, two from Equifax and two from TransUnion and this will include your Auto Industry Credit Score.
If you have not had an auto loan in the past or if you were careful to make all your payments on time it may not be necessary to get this report. If you do not have any history of bad marks involved with an auto loan than your FICO Auto Credit Score should be higher than the standard score. In turn, you should qualify for a lower interest rate than you normally would.
What can I do to improve my chances of getting an affordable car loan if I have a bad Auto Credit Rating?
If you apply for a car loan at a dealership, you should get your auto credit score first and don’t tell them you know what it is. Then after they give you an interest rate, decide if it is reasonable. If you think it is too high, then you could pull out your credit report and see if they are using the correct credit score. Lenders use a tier chart to categorize and set your interest rate. Ask them to see or explain the breakdown categories to see if they are fudging the rate they are charging you.
If you don’t know what your auto FICO score is you can ask the dealer if you can see your report but don’t be surprised if they will only tell you your score and not show you.
Get Approved with Bad Credit
Negotiating with the car dealer for a good auto loan can be very frustrating. That is why we recommend you get a pre-approved auto loan before you negotiate with the car dealer. This can also keep you from being charged extra fees that the dealer can throw into a car loan.
If you have had a bad experience with a previous auto loan and you suspect you will have a poor credit score, then you need to try to find a lender that will only use your standard credit score instead of the auto enhanced score that can be different.
Qualifying for a car loan with really bad credit is most commonly done with a co-borrower or cosigner.
At Valley Auto Loans, we use lenders who compete for your business, and you will not find that at car dealerships. Not only do you get your auto loan application reviewed by many dealers but your credit report is only checked by the lender who is accepted for your loan. They will contact you with a loan offer for you to review. There is no obligation to agree on to the loan terms if you do not like them.
When it come to buying a car with bad credit, the right investment is more important than having a better car. That is why we help our customers find the best loan for their situation. You should also do a little research if you are buying a new car or a used car to find the best deals. From getting approved for auto loans with bad credit to refinancing to lower your car payments to setting up a budget to get out of debt, Valley Auto Loans is ready to help you today.