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Bravado17

Experian auto loans

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Good day, I have been doing my due dillegence as far as securing an auto loan through experian pull. I understand that most dealers will use fico 8 or vantage score. From what I understand vantage 3.0 is a pull on all THREE trans exp and equifax... does anyone know any avenue for experian OR transunion auto loans that won't pull equifax? Thank you

Edited by Bravado17

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Good day, I have been doing my due dillegence as far as securing an auto loan through experian pull. I understand that most dealers will use fico 8 or vantage score. From what I understand vantage 3.0 is a pull on all THREE trans exp and equifax... does anyone know any avenue for experian OR transunion auto loans that won't pull equifax? Thank you

None of the Banks or Credit unions use Vantage scoring most use some version of Fico.

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When a lender using experian or transunion but uses a Fico model..is equifax Viewed as well?

It depends dealer will pull all 3 but TD auto finance only pulls TU if app is submitted by dealer.

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Ok so what is the best avenue to secure the auto loan if trying to avoid equifax pull period? Thank you for the TD directly from dealer info...is there a convo I need to have with finance managers etc?

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It matters where you live. Automotive lenders are peculiar for using different bureaus based on a regional variant. I'm in the SE United States and we normally pull EQ, however I can pull from TU or EX if I want. Usually, I don't bother. Here in the SE United States, the only lender for automotive I know of that is a guaranteed pull for EX is Suncoast Credit Union. I can verify that TD Bank will go for a TU pull thru a dealer. Your credit is pulled long before you get to see the finance manager.

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Good day, I have been doing my due dillegence as far as securing an auto loan through experian pull. I understand that most dealers will use fico 8 or vantage score. From what I understand vantage 3.0 is a pull on all THREE trans exp and equifax...

There are three parties involved, each of them generally separate from one another. This is a simplified, mostly-correct model:

  • The creditor - pulls your credit report and requests a score based on the credit report, E.G. Capital One, FMCC, Santander, US Senate FCU
  • The consumer reporting agency (CRA) - provides copies of your report, E.G. Equifax, Innovis, Microbilt, SageStream/IDA
  • The analytics/scoring corporation - provides the algorithms for scoring, E.G. FICO, VantageScore, National Risk Equivalency, ID Score

Again, from a consumer loan perspective the three are more or less separate. In this field there is no score that "is a pull on all three". The creditor pulls a report and, with it, has a score generated. Some scores are only generated on certain CRA's reports, some scores can be generated on any report. The confusion here may have been a result of the fact that VantageScore 3.0 is the same algorithm across every report. There is no CRA-specific version of VS3.0, but that does not mean a creditor must pull every report.

 

VS3.0 is uncommon, and to my knowledge most auto lenders use FICO 08 AU (auto enhanced). Note that this algorithm is in fact different across each CRA. My profile, for example, has a 50-point difference between EQ-08 AU and TU-08 AU despite having roughly identical information on each report. By contrast, my VS3.0 scores match.

 

If you're seeking an auto loan at a credit union, expect that they will use the same scoring model across their entire portfolio, the model they already use to process credit cards, lines of credit, personal loans, and account openings.

 

 

Ok so what is the best avenue to secure the auto loan if trying to avoid equifax pull period? Thank you for the TD directly from dealer info...is there a convo I need to have with finance managers etc?

As stated by bigpoppa09 and MarvBear, the bureau pulled by the creditor depends on the institution and/or the region. There is no reasonable way for someone to tell you how get an auto loan, the best way, anywhere in the United States, based on EX and TU, and without the creditor even looking at EQ. The only suggestion I could make for that is to freeze your Equifax file.

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GOODSTUFF! I want everyone to know no info goes UN studied or under appreciated.

Marvbear appreciate it for cosigning on bigppoppa09 helpful info on TD and dealer submit. I'm Also in the SE(charlotte nc) and am familar now with shopping in CA dealers for Experian or TU. My file on equifax has a negative auto installment that is not on experian or transunion. Soaking in your content, confirms that I am at the point of attempting

1) to navigate a lender which utilizes a system which will use FICO or or system that won't utilize equifax.

2) knowing the convo to have with f and I over phone as I shop on other coast for specific luxury certified.

 

Illusemycreditcard- does fico o8 pull utilize all three CRA like vantage 3.0 to give a score? I believe that's why your vantage scores where so close together throughout the CRAs. Any further knowledge on a specific system auto used that avoids equifax?

Edited by Bravado17

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1. You still don't understand. A creditor will almost always pull a credit report from one CRA at a time and pass that one report through FICO or other scoring algorithm to cook it down to a 3 digit number. Most only pull one CRA and base their entire decision on that.

Therefore it is better to work with a dealer finance person who will look at all three of your reports, confirm that one is best, and choose creditors that he or she knows will only pull that one.

 

Shopping for loans yourself, unless your credit is almost perfect, rarely works out.

 

2. ALWAYS go in person to identify the particular car* that you want to buy, and negotiate its price (in "cash" terms) before starting to talk about financing. No sense phoning dealers if they might not even have a car you want. All that dealers do on the phone is talk you into coming in in person. You can save a lot of time by skipping that futile step of asking "if they can get you financed" not in person and without having a specific deal on the table.

 

2a. Although, some people have good results with the first part of the deal -- choosing a car and negotiating the price -- online and by phone. Haggling to a rock-bottom price in person is a skill that few people really have.

 

*By that I mean "yes that red one there that we test drove" not 'I want a 2014 Sludgewagen EX, in red if you have it".

Edited by mk_378

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GOODSTUFF! I want everyone to know no info goes UN studied or under appreciated.

Marvbear appreciate it for cosigning on bigppoppa09 helpful info on TD and dealer submit. I'm Also in the SE(charlotte nc) and am familar now with shopping in CA dealers for Experian or TU. My file on equifax has a negative auto installment that is not on experian or transunion. Soaking in your content, confirms that I am at the point of attempting

1) to navigate a lender which utilizes a system which will use FICO or or system that won't utilize equifax.

2) knowing the convo to have with f and I over phone as I shop on other coast for specific luxury certified.

 

Illusemycreditcard- does fico o8 pull utilize all three CRA like vantage 3.0 to give a score? I believe that's why your vantage scores where so close together throughout the CRAs. Any further knowledge on a specific system auto used that avoids equifax?

To directly address that question I wasn't asked, but not to step on Illusemycreditcard's toes.

 

If a lender uses a Vantage scoring model. your score will not be the same on EQ, EX or TU because the algorithm that calculates the score will be calculating from the 3 different sets of information present. I only know of one lender who uses that score model.

 

Similarly if a FICO model of any flavor is used on a per bureau basis, then your scores will differ on a per bureau basis. because of 2 factors. #1 being the information is not going to be identical from 3 separate credit repositories, #2 because each FICO score is custom written for each repository to generate a score based off of each repositories discrete data fields which are markedly different from the other.

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GOODSTUFF! I want everyone to know no info goes UN studied or under appreciated.

Marvbear appreciate it for cosigning on bigppoppa09 helpful info on TD and dealer submit. I'm Also in the SE(charlotte nc) and am familar now with shopping in CA dealers for Experian or TU. My file on equifax has a negative auto installment that is not on experian or transunion. Soaking in your content, confirms that I am at the point of attempting

1) to navigate a lender which utilizes a system which will use FICO or or system that won't utilize equifax.

2) knowing the convo to have with f and I over phone as I shop on other coast for specific luxury certified.

 

Illusemycreditcard- does fico o8 pull utilize all three CRA like vantage 3.0 to give a score? I believe that's why your vantage scores where so close together throughout the CRAs. Any further knowledge on a specific system auto used that avoids equifax?

It seems that I was not clear enough. I hope that the below is of use to you.

 

For those who come across the thread, be aware that the below is a grossly-simplified model and should not be taken at face value.

 

 

 

Regarding loans:

You, as a consumer, can separate a loan into these three parts:

  • Application - supplied by the creditor (bank, credit union, dealership).
  • Report - supplied by the reporting agency.
  • Score - supplied by the analytics company.

Here are some examples:

  • 1. Someone goes to get a loan application from Ford Motor Credit Company (FMCC), a creditor.

    2. FMCC goes to get a report from Experian, a reporting agency.

    3. Experian requests a score for the report based on a model from FICO, an analytics company.

    -

  • 1. Someone goes to get a loan application from JP Morgan Chase, a creditor.

    2. JP Morgan Chase goes to get reports from both Experian and TransUnion, different reporting agencies.

    3. Experian requests a score on their report based on a model from VantageScore, and TransUnion a different score on their report based on a model from FICO - VantageScore and FICO are different analytics companies.

As you can see, neither FICO nor VantageScore pull reports. The order is application, report, score. The creditor pulls a report from a reporting agency, then a score is generated by an analytics company. They are, for your purposes, separate entities that always work in that order.

 

I can see how this may sound disparate to what you've heard before. It is common for creditors in other markets to pull reports based on the need to generate specific scores, or to follow any number of other procedures for their underwriting requirements. However, for auto loans it will almost always go as it is written here. You will have already noticed that MarvBear stated that he gets an application, can pull a report from any bureau (and usually pulls one from Equifax), and has a score generated based on that report. The reality of it is more complicated, but as a consumer it doesn't matter to you.

 

 

Regarding Scores: (This section is effectively what MarvBear wrote above.)

My VantageScore 3.0 scores are the same because the algorithm is the same no matter which CRA uses it and my reports are almost identical. If my reports were even just slightly different the score would also be different. My FICO 08 AU (auto enahnced) scores are different because Fair Issac gives a different algorithm to each bureau even though my reports are nearly identical. Aside, having identical reports is exceedingly rare. Most of the time my VantageScore 3.0 scores are separated by at least a few points.

 

A chart with some scoring algorithms:

                      EQUIFAX    EXPERIAN  TRANSUNION
FICO 98.........:       EQ-98       EX-98       TU-98
FICO 04.........:       EQ-04       EX-04       TU-04
FICO 08.........:       EQ-08       EX-08       TU-08
VantageScore 3.0:         VS3         VS3         VS3

FICO's modifies its core models for each bureau, so each version FICO puts out has three distinct algorithms. VantageScore does not, so their algorithm is constant for every bureau.

 

The chart, but with example scores for someone who has identical reports:

                      EQUIFAX    EXPERIAN  TRANSUNION
FICO 98.........:         748         729         751
FICO 04.........:         767         779         752
FICO 08.........:         814         812         820
VantageScore 3.0:         815         815         815

Each FICO model score is different, though they can be close together, because the algorithm is different depending on the bureau. VantageScore 3.0, a single algorithm, produces matching scores.

 

The chart again, but with example scores for someone who has different reports:

                      EQUIFAX    EXPERIAN  TRANSUNION
FICO 98.........:         646         627         751
FICO 04.........:         682         682         788
FICO 08.........:         697         703         786
VantageScore 3.0:         716         715         800

It's possible for FICO model scores to generate matched scores with different reports (see FICO 04 for Equifax and Experian). Likewise, even minute differences can cause small changes in a VantageScore 3.0 score.

 

 

... not to step on Illusemycreditcard's toes.

Expressly a non-issue. Any help you provide is appreciated.

 

EDIT: Corrections, formatting

Edited by illusemycreditcard

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Carvana uses EXP vantage scores ( can't remember the name of the lender)

It was a Sub prime lender go financial.

 

That's correct! However, subprime and everything they can offer low interest rates.

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Thanks again I also will confirm..after being away from the page for a day or so I was doing my homework only to come back and see that facts are stated. Go financial through carvana does utilize vantage experian! Great tips. Also thank you for the continued break down...

Now I have a related question but believe formalities would call for another thread?!

Edited by Bravado17

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Tuesday I went through United States senate FCU got approved for 7% new car however im a 100% DAV cam back at the 99Hr 12% because of being in a wheelchair the van had been modified with lift and hand controls pull was made from Equifax. Can they do this ? why punish me for being in a wheelchair help

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need to go back to the newbie section don't know how to start my own thread not done on purpose amen lowest form of the animal population yes I am

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Ward: just go into the main automotive forum. Up on the righthand side of the screen there is a blue button that says "Start New Topic".

 

Let us know if you need help.

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