Most millennials and baby boomers say they understand their credit scores' influence on vehicle financing, according to an Equifax survey. Still, dealerships, lenders and credit bureaus should take more initiative to educate consumers before they visit the dealership, Equifax experts say.
Seventy percent of millennials, ages 18-34, that fall into the prime credit category and 64 percent of subprime millennials said they understand their credit situation, according to Equifax's February survey of 1,000 consumers who within the past six months either purchased a vehicle or went through the car-buying process without purchasing a vehicle.
For baby boomers, ages 51-69, 78 percent of prime borrowers said they were aware of their credit situation, compared with 53 percent of subprime borrowers.
The industry can improve consumers' credit awareness with more education upfront, Rebecca Kritzman, senior director of automotive marketing at Equifax, told Automotive News.