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Ask The Banker: Credit score has impact on loan interest rates

When wanting to take out a loan, your credit score will affect your options, Oregon Pacific Bank President and CEO Ron Green said.

Posted: Jan 7, 2019 5:03 PM

EUGENE, Ore. -- When wanting to take out a loan, your credit score will affect your options, Oregon Pacific Bank President and CEO Ron Green said.

What credit score do I need to get a loan?

Typically, most banks and financial institutions don’t require a minimum credit score.

However, the interest rate they will offer will be based on the quality of your score.

For example, you might get a rate of six, seven or eight percent if you have a credit score of 650. But if you’re in the upper 700s or 800, that interest rate could be considerably better.

So it is important to watch your score, Green said. Keep it as high as you can, and you’ll get the best financing available.

If you have a banking or finance question for Green, click here

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