- What are three different things you can do to get a lower interest rate on your loan without changing your credit score?
Credit score
In simple words, credit score can be understood as a prominent metrics which is used by lenders to evaluate the credit worthiness of the borrower. Generally, the lenders demand a minimum credit score of 750 from the borrowers. A credit score is of high importance as if a borrower do not have the minimum credit score required, he or she might not be able to get any loan or the interest rates would be challenging.
On the other hand, if the credit score for the individual borrower is high, they will easily get lower interest rate on loans. Due to this direct effect of credit score on interest rates, every other indivdidual tries to maintain and improve their credit score.
However, there are other ways in which a borrower might get a lower interest rate loan without even changing their credit score.
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