Let's Talk Cars and Credit Scores

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.

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