When a car shopper wants to finance a new car, their credit score can be the difference between an excellent deal, a bad deal, or no deal at all. And as a recent report points out, the average credit score for buyers can vary depending on the brand.
According to Experian Automotive, Mitsubishi buyers come into the dealership armed with a credit score averaging 694 points, the lowest of any major brand. The second-worst brand with a reported score of 704 is Suzuki, which recently announced its departure from the U.S. market.Dodge was third lowest (718), followed by Kia and Scion with 721 and 723, respectively. Scion’s spot on the list isn’t much of a surprise considering they cater to younger buyers trying to establish a decent credit history.
Meanwhile, Volvo customers appear to be the most financially responsible among all car buyers, with a reported credit score of 818. Not surprisingly, the nine makes following Volvo are all luxury brands, including Lexus (816), Acura (813), and Audi (810).
Lenders, however, are still more cautious about approving new car loans today than they were before the Great Recession. During the third quarter of 2012, the overall average credit score for new vehicle loan was 755. That number was 749 during the same time period in 2007, prior to the Great Recession, which Experian Automotive points to as proof that lenders are more cautious about approving loans.
Source: Experian Automotive