Cars and Credit Scores
Bottom Line: It’s not always the case that perception and reality meet. But there are times when perhaps it does. A recent Lending Tree analysis of cars people drive, and their credit scores was interesting.
First what car brand do you think the people with the highest average credit score drive?
- If you said Tesla, you were right.
Now what car brand do you think the people with the lowest average credit score drive?
- If you guessed Chrysler, you’re right.
These are the top three car brands for those with the best average credit scores:
- #1 Tesla: 740
- #2 Porsche: 727
- #3 Lexus: 699
And these are the bottom three...
- Nissan: 665
- Kia: 659
- Chrysler: 656
Now here’s the thing about credit scores. Having a credit score in the bottom three range costs 30% more than having a credit score in the top three range. In other words, the average person driving a Chrysler, Kia or Nissan is paying for the equivalent of a BMW due to higher cost of financing associated with impaired credit. A little motivation and a little information.