Your credit score determines two important things and can affect your chances for getting approved. Credit rating tells prospective lenders how reliable or unreliable you are at repaying loans.
If you have defaulted on a loan, the rules do not give lenders a complete walkover. Credit Monitor tells you what you should bear in mind if you find yourself in such a situation.
It determines whether your loan gets approved. credit score is the biggest factor in determining your auto-loan rate. It’s not impossible to get a loan with a low credit score, but you’ll most likely face higher interest rates.