Does the "average" car buyer know this?

Question

Because I sure didn't and learned the "hard" way...Please let me know if you knew this or not. I am feeling kinda stupid right about now, because I didn't. (Article quote attached.)

"As a FYI to readers, most auto dealers & auto loan lenders use what's called an "auto industry option" of the normal credit score. For Equifax, their latest model is called the Beacon 5.0 Auto. The auto credit scores pay particular attention to past credit performance on auto loans, supposedly with a higher weight given to installment loans. That is why, for example, if you have a poor revolving (credit card) history, but you have never been late on an installment loan (auto loan, mortgage, student loan), your Beacon 5.0 Auto score may be considerably higher than a normal Beacon. As far as I know, the auto scores are not available to the public. That may be why, when car/truck shopping, your score is different than what you may have pulled up on the internet. Hope that helps."

Answer 1

Thanks for the info .

Actually , that could be good for people with credit card problems .
They could still get a good auto loan rate if those are in order ! The CC issues would not be as significant !

>

Answer 2

For financial and credit subject I was search for solutions at this site: HTTP://CREDIT.QUOTEHELP.NET

RE Does the "average" car buyer know this?

Because I sure didn't and learned the "hard" way...Please let me know if you knew this or not. I am feeling kinda stupid right about now, because I didn't. (Article quote attached.)

"As a FYI to readers, most auto dealers & auto loan lenders use what's called an "auto industry option" of the normal credit score. For Equifax, their latest model is called the Beacon 5.0 Auto. The auto credit scores pay particular attention to past credit performance on auto loans, supposedly with a higher weight given to installment loans. That is why, for example, if you have a poor revolving (credit card) history, but you have never been late on an installment loan (auto loan, mortgage, student loan), your Beacon 5.0 Auto score may be considerably higher than a normal Beacon. As far as I know, the auto scores are not available to the public. That may be why, when car/truck shopping, your score is different than what you may have pulled up on the internet. Hope that helps."

Answer 3

Financing through a dealer isn't a good idea unless the car maker is offering a great interest rate. Shop on your own for a loan before you buy the car.

Answer 4

This site is for comparing rates for you and free CREDITVAULT.NET

Answer 5

Find best solutions

Answer 6

Try https://tr.im/1ocMO

Answer 7

thanks