Study: Tesla Drivers Have Highest Credit Scores
An analysis of more than 35,000 loans for pre-owned vehicles on the LendingTree platform finds Tesla, Porsche, and Lexus buyers had the highest average credit scores.
Tesla had the highest average credit score among used-car buyers in 2018, according to the latest figures from LendingTree.
Photo courtesy Tesla Motors Inc.
CHARLOTTE, N.C. — Online loan marketplace Lending Tree released a study ranking car brands by their buyers’ average credit score. The study, which was based on an analysis of more than 35,000 used auto loans on the LendingTree platform, found luxury marques occupied each of the top three spots: Tesla buyers scored highest with an average of 740, followed by Porsche (727) and Lexus (699).
Chrysler buyers have the lowest scores with an average of 656; analysts noted this still falls in the “fair” range. It’s also right around the average credit score for all used-car purchases.
For most automotive brands, a credit score in the “good” range (670–739) was enough to be approved for an auto loan. Of the 30 different makes analyzed, 22 had an average approved credit score fall into that range. The analysis excluded makes that failed to register enough purchases to create reliable estimates.
“For auto dealers, this data certainly helps to reveal more their core customers — and how they can market to them better,” Derek Miller, a senior research analyst at LendingTree, told F&I and Showroom. “But it also suggest to dealerships what kind of financing they should be prepared to support their customers with.”
To view the full report, click here.
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