LendingTree Study Finds Tesla Drivers Have Highest Average Credit Scores
LendingTree finds auto makes with the highest average credit scores
CHARLOTTE, N.C., May 1, 2019 /PRNewswire/ -- LendingTree®, the nation's leading online loan marketplace, today released its study ranking car brands by their buyers' average credit score. Tesla buyers have the highest with a score of 740. Chrysler buyers have the lowest scores, with an average score of 656.
LendingTree analyzed more than 35,000 used auto loans on the LendingTree platform to rank car brands by their buyers' average credit score.
Key findings
- Luxury brand buyers occupied the top spots. Tesla, Porsche and Lexus lead with average credit scores of 740, 727 and 699 respectively.
- Chrysler buyers had the lowest average credit score at 656, but it's worth noting that this still falls in the "fair" range. It's also right around the average credit score for all used car purchases.
- For most auto makes, 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
To view the full report, visit https://www.lendingtree.com/auto/car-makes-highest-average-credit-score/.
Methodology
Credit score was averaged across auto makes reported on query forms submitted anonymized people approved for auto loans for used vehicle purchases on the LendingTree platform in 2018. Auto makes without enough purchases to create reliable estimates were excluded from the analysis.
About LendingTree
LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student refinances, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. My LendingTree proactively compares consumers' credit accounts against offers on our network, and notifies consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.
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SOURCE LendingTree
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