Extremely Low-Interest Rates on Major Loans
To finance big purchases like your property and car, you will almost certainly need to take out big loans. It will take you years to fully pay back the loan. The house mortgage often takes upwards of 3 decades to pay down in full. Thus, you need an excellent credit score for exceptionally low-interest rates since good credit customers represent a low risk to lenders.
Fast Loan Approval
Loan approval can take a long time since lenders want to fully understand your financial position before entrusting you with large amounts of cash. However, you can assuage the concerns of your lenders with an excellent credit score.
No Interest on Car Loans
A strong credit score means that you are a low-risk prospect. The interest rate is compensation for the risk and inevitable ensuing losses. Thus, a good credit score can mean a low-interest rate. With an excellent credit score, you may be lucky enough to qualify for no interest on your car loan.