Your credit score may not have an immense impact on car title loan eligibility through Max Cash Title Loans.2 5 However, there are numerous reasons why having a good credit score is important. Your credit score may impact your life in ways that you may not have thought of.
Having a good credit score could make all the difference in what kind of interest rates you receive when get a loan, or if you are eligible for a loan. Good credit could get you approved or denied for various types of funding. It is important to stay in the know when it comes to your credit score. Do all you can to improve it, or if it is already good, maintain your current score.
How Can I Keep Track of My Credit Score?
Fortunately for you, today is your lucky day! Max Cash Title Loans provides individuals all over the United States with the ability to check their credit score for free. You read that right. Free!
With the help of Max Cash Title Loans, you will be able to keep an eye on your credit score and achieve the financial success and security you want to have.
Your Credit Score Could Help You Borrow Money
One of the most important functions of your credit score is that it plays a considerably large role when it comes to acquiring a significant sum of money for a house or a vehicle. If you currently have a good credit score, you could end up saving several thousands of dollars over the life of your loan because your score could help you secure a much more manageable interest rate.
If, for example, you have a 30-year mortgage of $200,000, you could expect to see significant savings if you have a good credit score. If you receive a rate of 4.29%, the total interest would only be $155,884. If your credit score is low and you receive a rate of 5.5%, you could end up paying a total of $208,808 in interest over the course of the loan’s life. That is nearly a $53,000 difference caused by a little over 1% difference in interest rate.
This same principle applies when you apply for any other type of loan. The higher your credit score, the better interest rate you could secure for yourself.
Keep in mind that the score your lender sees might be different from the one you do, depending on the credit reporting agency your lender uses to access your credit score.
Your Credit Score Could Have a Noticeable Impact on Your Insurance Premiums
Your credit score could also have a noticeable impact when you are trying to get insurance. Even though some states do not allow for insurers to use your credit score as a qualifying factor when setting insurance premiums, some of them still do. If you have a low credit score, this could mean that you pay more each month for your insurance coverage. By working on improving your credit score however, you could end up saving hundreds of dollars in insurance premiums over the course of your life.
You Could Qualify for Better Terms When Getting Signed Up for Cable or the Internet.
These days, TV, internet, and cell phone service providers could perform a credit check on you before they decide to set you up with service. If you have low enough of a credit score, you might be denied an account with the provider you are trying to sign up with. That said, even if you do not get denied by the service provider, you could end up being forced to pay a security deposit or part of your service upfront. This could end up making your already tight budget even tighter and make things even more stressful than they need to be.
You Might Have Access to Some Better Financial Deals.
Having a good credit score could give you access to a plethora of better financial deals and opportunities. Having a good credit score could afford you the opportunity to gain access to credit cards with better rewards and lower interest rates, refinance your home with a manageable interest rate, or even credit cards with signing bonuses. Having access to such helpful deals could help you better manage your financial resources down the road.