Finance rates?

[rdlouks]

In May of this year we financed our 2018 Pinnacle 36KPTS at our local Credit Union. $54,000 @2.74% for 60 months.

[RKusina]

Originally Posted by bzeller

How exactly does that work since credit scores only go up to 850?

Only some credit scores max at 850. I believe you may be referring to the FICO score. There are dozens of credit score models in use, so without knowing the model being mentioned, a score alone is pretty arbitrary.

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[bzeller]

Originally Posted by RKusina

Only some credit scores max at 850. I believe you may be referring to the FICO score. There are dozens of credit score models in use, so without knowing the model being mentioned, a score alone is pretty arbitrary.

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Yes, but I've financed maybe 50 items in my lifetime and have yet to see any bank or CU use anything over a model with 850 being the max. I would venture to say not some, but most get referenced to FICO.

[RKusina]

Originally Posted by bzeller

Yes, but I've financed maybe 50 items in my lifetime and have yet to see any bank or CU use anything over a model with 850 being the max. I would venture to say not some, but most get referenced to FICO.

You are absolutely correct. The FICO score is primarily used in official capacity. However, I didn't realize how many FICO models exist until just now.

There are close to 50 FICO models alone. Depending on the type of loan the model will change. For instance, it is common for auto lenders to use the FICO auto score (ya, pretty great name), and the range for that model is 250-900. Where FICO score 8 is from 300-850.

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