I was told by a car dealer my credit score is 747. what does that mean where does that rate, what can i do??

Question

I was told by a car dealer my credit score is 747. what does that mean where does that rate, what can i do??

Answer 1

That's a great score, but you also need a source of income and no excessive debt to get a loan. Your income and debt will determine how much loan you qualify for.

Answer 2

That would be excellent credit.  Anything over 720 is considered excellent by most banking standards.  Do you know if it was Experian, Trans Union or Equifax?  Experian is usually the most important when it comes to auto loans.

Good Luck!

Answer 3

That is almost as high as a credit score can get. You can get what you want at a low interest rate.

Answer 4

It means you are close to the top of the "GOOD" range, which is 660-749.  Since you are over 720, you are eligible for some of the deals they give "well qualified customers".

Answer 5

That's great! You can get credit now and at lower APR than everybody else, just don't s***w it up like most people.  If you can keep that great credit rating for at least 10 years, consider it a great achievement.

Answer 6

That means that you'll qualify for some of the lowest rates where applicable. The interest could vary depending on the year of the car, if you go for extended term, if there is any overadvance (negative equity) if it is a new car vs used car and etc.