 TITLE: What Credit Score Do I Need To Get A Car Loan? CONTENT: What Is the Minimum Credit Score Needed for a Car Loan?\n-------------------------------------------------------\nAll credit scoring models, including those built specifically for auto lenders, use higher scores to indicate greater creditworthiness. But it goes without saying that any given numerical score could mean different things on different scoring ranges. A score of 650 on a scale of 300 to 850 means something different from a 650 on a scale of 250 to 900, for instance.\nWithout knowing the applicable scale, it's impossible to interpret any credit score correctly. That's why anytime you are denied a car loan or charged an interest rate higher than the best one available when you're offered your auto loan, the lender (or dealer) is required by law to notify you what score you received as well as an explanation of the scoring model that was used and its scale range.\nThe wide range of credit scoring models and scoring criteria used by auto lenders is one good reason to be sure you shop around when you're ready to apply for a loan. Check with several different lenders (or make sure the dealership's finance office does) to make sure you're getting the best interest rate and payment terms that you qualify for. Applying for a loan typically causes a small dip in your credit score that will recover after a few months as long as you don't miss any bill payments. But credit scoring models, recognizing the importance of comparing offers for the best loan terms you can get, generally treat multiple applications for loans of the same type and amount as a single event, so there's no penalty for shopping around. END