What is an "Excellent" score for best rates?

[Anonymous]

I will be app'in for an auto loan in the next 3 months (goal is to be in a new vehicle by mid May) and I want to get the best rate possible. I will be going through PenFed, NFCU, DCU, or Cap1 and on all their sites when it displays rates it has an asterisk that states for excellent credit. So my question what do these lenders consider 'excellent', 680, 700, 760? Any insight would be greatly appreciated. *My credit file is clean no baddies of any kind w/ 5.3% Util

[Anonymous]

I believe it depends on the lender. I was able to get tier 1 with barely a 700 EX score from BMWFS in late 2017. 

[Anonymous]

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@Anonymouswrote:

I believe it depends on the lender. I was able to get tier 1 with barely a 700 EX score from BMWFS in late 2017. 

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I believe you are correct and most will not disclose the exact number or give a boilerplate explaination stating "It is many factors other than your score that plays a part in what rate you will receive"...With that being said I still made the calls to try and pry an answer out of them:

PenFed: "800 willl ensure best rates if you dont have any derogatory marks on your report"

NavyFed: "We do not have a published score matrix to say what rate you will receive"

DCU: "Many different factors..."

Cap1: "We look at all three credit agencies and take all scores into account but I do not have an exact # to give you that will ensure a lower rate"

[Anonymous]

I think there is a magic dart board in the back office.

[Anonymous]

That’s a tough one.  My wife and I bought using Infiniti’s leasing arm.  I had a score of 660 Auto 2, and my wife had a 781 same model.  I believe they used her score and my income.  Plus she is an existing customer.  I haven’t had an auto loan in 10 years.  Many factors.  Some were good, some not optimal.  In the end we had the best money factor available - or so we think.  If you think lenders have secrets try getting the truth from the dealership.

[Anonymous]

I've been working in the car sales for a few years. Both in sales and behind the desk, and I can tell you each lender does have its own matrix some favor higher income, some favor higher LTV, some favor higher Beacons and then there are some that want a good mix and then you have some lenders who want strong strong history.

Then there are cases that are on the boarder and for a dealer to make a deal to work they'll call the lender and sometimes it is a 800 number sometimes it is a dealer loan advisor and they will try to see if there is any wiggle room to shave a point or two.

Sometimes we send it out and we are dumbfounded and we're scratching our heads, hence the dart board response.

[Anonymous]

BMWFS tier one is 675

[Washin17]

Where model does bmw use