HOW YOUR
CREDIT RATINGS
AFFECT YOUR INTEREST RATE

YOUR CREDIT SCORE IS WHAT SETS
THE INTEREST RATE YOU RECEIVE
FROM BANKS, LEASING COMPANIES
AND MANUFACTURER FINANCE ARMS.

THE LOWER YOUR SCORE THE HIGHER
YOUR INTEREST RATE WILL BE FOR THE
FINANCE LOAN OR LEASE AGREEMENT.

MOST BANK CONSIDER A SCORE OF
“700” TO BE AN AUTOMATIC APPROVAL
AT THEIR LOWEST INTEREST RATE.
HOWEVER, THERE CAN BE NO
ACCOUNT CURRENTLY DELINQUENT.

SOME BANKS LOOK FOR A SCORE OF
“745” BEFORE THEY WILL AUTOMATICALLY
APPROVE YOU AT THEIR LOWEST RATE.

SCORES BETWEEN 620 – 699
USUALLY RECEIVE INTEREST RATES
BETWEEN 2% AND 4% HIGHER THAN
THOSE RATES FOR 700 – 745 SCORING
CUSTOMERS.

SCORES UNDER 619
IF APPROVED USUALLY HAVE A LARGE
DOWN PAYMENT WHICH REDUCES THE
RISK OF THE LENDING INSTITUTION AND
WILL RECEIVE AN EVEN HIGHER INTEREST
RATE. SOMEWHERE BETWEEN 5% AND 10%
HIGHER ONTEREST RATE THAN THOSE
RATES FOR 700 – 745 SCORING
CUSTOMERS.

A SCORE OF 620 FOR SOME BANKS AND
LEASING COMPANIES IS THE CUT OFF
POINT. THESE BANKS WILL NOT CONSIDER
A LOAN FOR ANYONE WHO SCORES LESS
THAN 620.