 TITLE: Do More People Finance Auto Loans at a Bank or Dealership? CONTENT: How Your Credit Score Can Affect Where You Finance\n--------------------------------------------------\nGetting a loan or lease can be more challenging if you have fair or bad credit. A lower credit score can translate to higher interest rates, more fees and larger down payment requirements. It also leads some used car buyers to finance through \"buy here, pay here\" dealerships that specialize in in-house loans for people with poor credit. But buyers should be aware of potential pitfalls with this type of dealer financing. In addition to higher interest costs and fees, these loans may also come with a higher risk of repossession.\nWhat's considered a good score for getting an auto loan? It depends on a variety of factors, including which credit scoring agency and scoring model your lender uses. Both FICO® and VantageScore® assign credit scores within a range of 300 to 850, but each has its own criteria for what constitutes fair, good or excellent credit. Additionally, the FICO® Auto Score provides a unique credit score based on your experience with auto financing. You likely won't know which scoring model your bank or dealership will use when evaluating your application, but you can get an idea of where your credit stands by checking your FICO® credit score and credit report before you begin applying for auto financing. You can get your credit report from all three major credit reporting agencies (Experian, TransUnion and Equifax) through AnnualCreditReport.com.\nWhether your credit is stellar or needs a little help, you're likely to find financing options with either a financial institution or a dealer. If your credit score is 600, for example, you can choose from viable, if imperfect, financing options. For buyers with the credit to qualify, manufacturer financing promotions can be too good to pass up—although these promotions come and go seasonally. Also, buyers who qualify for the most attractive promotions can typically secure the most competitive rates from banks and credit unions as well. If you're unable to qualify for an auto loan on your own, you may delay your car purchase until your scores have improved or ask a trusted friend or relative with good credit to cosign a loan with you. END