Auto LoansGlossary
Credit Score
A numerical summary (typically 300-850) of your credit history used by lenders.
While FICO is the dominant model, lenders may also pull VantageScore. The score primarily reflects payment history (35%), credit utilization (30%), length of history (15%), credit mix (10%), and new credit (10%).
Should you care?
Should you care about Credit Score?
When you need it
Pulling your score is free at annualcreditreport.com or via most banks. Auto lenders use a specific 'Auto FICO' that weights utilization differently — but your regular FICO is a close proxy.
What it costs you
Each 20-30 point drop in score typically lifts your APR by 1-2 points. On a $25k 5-year loan that's $250-$500/year. Going from 620 → 720 over 18 months can cut your APR by 4+ points.
Put it into practice
Where Credit Score matters on CarSavr.
Referenced in
Where Credit Score fits in the bigger picture.
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Related terms
Put it into practice