How Your Credit Score Affects EV Loan Interest Rates
The interest rate that one will pay for an EV loan is highly dependent on his credit score. It reflects your creditworthiness, which is based on the history of your credit and influences a lender's decision regarding the loan terms for you. This article explains how your credit score can relate to your electric vehicle loan interest rate and gives you ways through which you can improve your score to get better financing options.
Understanding Your Credit Score
A credit score is a numerical expression of your creditworthiness and usually ranges between 300 and 850. It's calculated based on several factors: payment history, credit utilization, the length of credit history, the types of credit accounts in your history, and new credit inquiries. This score represents, for the lender, the risk involved in lending money to you. The higher your score, the less risk you are to a lender.
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