You have probably heard the phrase prime rate before, right? Well if you haven't it is the term often used to describe the best rate available to consumers. For a car it could be a 0% interest rate or for a house it could be a 3% interest rate. This rate determines how much you are going to end up paying in interest through the life of a loan. If you receive a 0% interest rate on a care vs a 5% rate you could save yourself thousands of dollars or in the case of a house a prime rate can save you hundreds of thousands of dollars over the life of a loan. So how do you get a prime rate? Well it all revolves around your credit score. If you are above a 700 credit score then you likely will qualify for prime or somewhere around prime interest rates. If you are below that then you will likely pay a lot more for the same loan as someone that has a prime rate. This is why credit scores are so important, they can save you a ton of money!