FICO Scores and Auto Loans

When you’re in the market to buy a new car and need to take out an auto loan, your FICO score is going to be in direct correlation with the loan you receive, and the interest rate that will accompany it.

After all, the FICO score is what tells the auto lender how much of a risk you’ll be, which ultimately decides whether you will have a low or high interest rate on your loan.

According to myFICO.com’s help center it’s worth it to talk to your prospective auto lender in advance and see if your FICO score qualifies you for the loan that you want. FICO scores range from 500-850, the lower your FICO score is, the more money you will owe per month.