Too Long; Didn't Read
Debt in itself is not bad and can actually be advantageous when used correctly. Debt can be used to finance a car, buy a house, invest in a business, and more. In order to take out a loan or buy a product or service on credit, you need to have a good credit score (or credit history) Your credit score is a numerical indicator of your ability to pay your debts on time. Reducing your interest rates is one major benefit of refinancing a car loan. Lowering interest rates allow you to save money on your monthly repayments.