What credit score is considered a well qualified buyer?

To be very well qualified, you need to meet certain requirements set out by the lender in order to qualify for the best possible interest rates. This typically means you need to be in a good credit tier, such as a minimum FICO credit score of 670, but credit tiers vary by lender.

What credit score do you need for GM 0% financing?

Zero percent financing deals are generally reserved for borrowers with excellent credit — typically classified as a credit score of 800 and above. You’ll want to review your credit reports on your own before you start shopping for auto financing.

What credit score does Chevy finance require?

“Chevy Financing is one of the most lenient lenders you’ll find. In general, they’ll work with you as long as your credit score is 550 or higher. Keep in mind that you’ll still have to show proof of income and have a satisfactory debt-to-income ratio to guarantee financing.

What does very well qualified buyers mean?

What’s a well-qualified buyer? Simply put, a well-qualified buyer is a person who meets a lender’s expectations for specific offers.

What is a Tier 5 credit score?

“Tier 5 credit refers to people who have a credit score between 580 and 619. These scores are generally perceived as the second-highest risk to lenders. To offset this risk, lenders charge you a higher interest rate.

What FICO score does GM use?

Get Car Financing. Even with poor credit. When determining what a potential buyer’s credit score is, GMAC uses TransUnion credit bureau to pull your credit score from. Should you need an auto loan, it is always good to check your credit rating through all three major credit bureaus (TranUnion, Equifax and Experian).

Is it hard to get financing through GM Financial?

Prequalified car financing through GM Financial is easy, convenient and secure.

What does Tier 1 credit mean?

In such situations, Tier 1 is the top level, typically referring to a credit score of at least 700, or sometimes a minimum score as high as 750. Basically, this tier encompasses borrowers with the best credit scores.

What is considered Tier 2 credit?

What Is a Tier 2 Automotive Credit Rating? Tier 2 credit is given to borrowers who fall into the acceptable range, meaning they can finance purchases but will not get as generous of terms as their Tier 1 counterparts, including higher interest rates. Credit scores for Tier 2 typically range from 640 to 690.

What tier is a 640 credit score?

Fair Credit
Fair Credit (640-699) It’s actually in the “fair” credit tier. As a result, you should be able to get a credit card or loan with a 640-699 credit score.

What tier is a 650 credit score?

A credit score of 650 is at the high end of the “fair” credit tier, just shy of the 660 needed to qualify as having “good” credit.