What your car says about your credit score
While millions of Americans were behind by at least 90 days on their auto loan payments at the end of last year, new research shows those with stellar credit are more likely to drive some vehicle models than others.
Online lending marketplace LendingTree analyzed more than 35,000 used auto loans to determine which car brands’ drivers had the highest credit scores.
In general, the study found that drivers with luxury vehicles tended to have higher credit scores than others.
For most vehicles, a score between 670 and 739 was enough to receive approval for an auto loan – but some buyers had much higher scores:
Tesla
Drivers who applied for a used auto loan on LendingTree to finance their Tesla purchase had the highest credit scores of any other drivers – at 740.
Buyers spent an average of $54,234 to purchase a used Tesla, or an $818 monthly payment. Tesla drivers were also found to have the highest incomes out of all drivers who used LendingTree, according to 2018 data. They were only spending about 4.6 percent of their reported monthly income to make payments on their vehicles.
Porsche
People who received an auto loan for a Porsche had the second-highest credit score, at 727.
Used Porsche models carried an average price tag of $42,173, meaning monthly payments were about $635. For the average Porsche owner, that’s about 5 percent of monthly income.
Lexus
Drivers that applied for an auto loan to purchase Lexus had the third-best credit among drivers – with an average score of 699.
On average, owners of used Lexus vehicles spent about 6 percent to 7 percent of their monthly income on car payments.
Rounding out the top 10 were:
Volvo (698)
Audi (697)
Land Rover (695)
Subaru (691)
Mazda (690)
Jaguar (687)
Acura/BMW (686)
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On the other hand, people with the lowest average credit scores were looking to finance Chrysler, Kia and Nissan purchases.
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