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Opportunities for Better Loan Terms
Once you have a good credit score, you can explore a variety of loan options with better terms. Lenders are more likely to offer competitive interest rates and flexible repayment plans to borrowers with strong credit profiles. This can save you a significant amount of money over the life of a loan. For instance, mortgage lenders often offer lower interest rates to applicants with higher credit scores, which can translate into thousands of dollars saved over the loan term3.