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Importance of Credit Scores

I was talking to my local bank recently about getting a used car loan for a car I wanted to purchase for my daughter.

Found a sweet 2012 Toyota RAV4 with low mileage that I knew would be perfect for her busy lifestyle. And was curious on what my bank was proposing for interest rates, based on credit scores. Here's what they posted online today for used car loans for up to 66 months:

Credit Score: 720+ Interest Rate: 4.44%

Credit Score: 680-719 Interest Rate: 5.19%

Credit Score: 640-679. Interest Rate: 7.19%

Credit Score: 600-639 Interest Rate: 10.19%

Credit Score: 550-599 Interest Rate: 13.19%

Credit Score: below 550 Interest Rate: 16.19%

So this is a reminder to everyone's financial well being that your credit score is extremely important to your bottom line. Why would you pay 13.19% when a little bit of work on your credit could improve your score, and then change your interest rate by 3, 4 or 6 points?

How do you improve your credit score? Talk to us. As financial experts, we can help guide you toward financial health. It's your money. Protect it. Contact Swain Consulting LLC at



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