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Car loans are one of the most common types of debt among consumers in 21st century America. While auto loans are not as common as credit cards, the majority of Americans (62%) have an auto loan in ...
According to Experian data, the difference in interest rates for a new car loan can vary by more than 10% from the top of the credit chart vs. the bottom tier. Here's a look at the average rates ...
For borrowers with credit scores between 781 and 850, on the other hand, the average interest rate for a car loan is 5.64% for a new car and 7.66% for a used car.
The classic FICO credit score (named FICO credit score) is between 300 and 850, and 59% of people had between 700 and 850, 45% had between 740 and 850, and 1.2% of Americans held the highest FICO score (850) in 2019. [15] According to FICO, the median FICO credit score in 2006 was 723 [16] and 721 in 2015. [17]
The CIBIL credit score is a three digit number that represents a summary of individuals' credit history and credit rating. This score ranges from 300 to 900, with 900 being the best score. Individuals with no credit history will have a score of −1. If the credit history is less than six months, the score will be 0.
However, there are industry-specific FICO versions for certain types of debt as well, including auto loans and credit cards. FICO Scores 10 and 10T. Introduced in 2020, FICO Scores 10 and 10T are ...
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