What fico score is needed to get a no money down car loan?
touchemupent asked:
I have a 592 fico and still need a cosigner? What score is need to purchase a vehicle no money down no cosigner?
I have a 592 fico and still need a cosigner? What score is need to purchase a vehicle no money down no cosigner?
Not necessarily your score involved to make purchase, you may have to settle for an extremely high finance charge instead.
Don’t borrow money for your car. Save up and pay cash for it.Your fico score is based on the amount of money you owe.
FICO scores are not used for the purchase of automobiles. Beacon scores are the determinant method. Your bank, credit union or other auto finance company will pull credit on you and assign a score. Different lenders have different thresholds. The better the deal you get for financing, the higher treshold you’ll have to meet. 620 is usually considered the the bottom of the best tier of creditworthiness.
The fastest way to increase your credit score is to NEVER charge on any card more than 50% of the high limit. 30% is even better. Installment accounts that are near 10 months or so induration, should be paid to within 10 months and they will no longer count against your credit. Never make major purchases within the first 4 months that a new line of credit is established. Accounts older than 4 months with low balances will drive up your credit scores.