The Insurance Exchange has helped numerous drivers in the Flathead Valley area of Montana find the most suitable car insurance coverage to protect them and their vehicles. Credit history is just one aspect that influences the rates that the insurance agency can offer. It’s no secret how important credit history is, but you may not understand exactly how it can impact some of the most significant aspects of your life.
Countless factors will determine where your credit score lands in the 300 to 850 range, and then this number will follow you around and help lenders decide your level of creditworthiness and what kind of interest rate you’re eligible to receive on purchases. When it comes to buying a vehicle and signing up for car insurance, there’s no doubt you want your credit score to be as high as possible.
Before you can qualify for a car loan, your credit score will be examined to see how much you can be trusted to repay it. Car dealerships are generally looking for a score of 700 and above when offering their best loan rate. Scores that are lower can cause a considerable difference in the amount you end up paying in interest, and thus, the vehicle overall. This is why it’s essential to have good credit when going in to purchase a car.
Credit history is just as important to many car insurance providers as well. They use credit scores to see how likely they think someone might be to file a claim and then predict their potential losses. Drivers with higher scores often benefit from lower monthly payments.
For more information on how to get the most affordable car insurance rates, contact The Insurance Exchange at (406) 756-2500, and visit their website for more information.