What score do you need for 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 FICO score does GM Financial use?

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 GM financing?

The higher credit score you have, the more likely you are to get a low APR loan offer from GM Financial. Its weighted average credit score for successful applicants is around 700, but the range of acceptable credit scores dips to 550. You can apply for GMC financing at a dealership or online.

Do you have to have a good credit score to get 0 percent financing?

Dealerships generally restrict these deals to well-qualified buyers. Your credit score must meet or exceed the dealership’s standards before it will grant you 0 percent financing on your purchase. Before you walk away with an interest-free auto loan, the dealership needs to ensure that you’re reliable enough to make each payment on time.

How does a 0% interest rate affect your credit?

However, some loans or credit cards may offer you a 0% annual percentage rate (APR) for a set period of time, which means the money you borrow won’t accrue interest during that period. That 0% APR won’t affect your credit either—but it could give you more money in your budget to pay down debts, which could help your credit scores.

Which is better 0% or high credit utilization?

While a 0% utilization is certainly better than having a high CUR, it’s not as good as something in the single digits. Depending on the scoring model used, some experts recommend aiming to keep your credit utilization rate at 10% (or below) as a healthy goal to get the best credit score.

What should my credit score be with a perfect FICO score?

According to FICO, consumers with a perfect FICO score of 850 have an average credit card balance of approximately $13,000 and a credit utilization of 4.1%. 5