Calculate interest on loan2/25/2024 ![]() If you have a high amount of monthly debt compared to your income a lender is likely to assign you a higher interest rate. ![]() If you have bad credit, you are likely to receive a higher interest rate so that the lender can make sure it makes its money back even if you default on the loan. Your credit score indicates to lenders how likely you are to pay back a loan. The better your credit, the more likely you are to qualify for a lender’s lowest interest rates. There are several things that impact the interest rate you are eligible for as well as the overall interest you end up paying on an installment loan: Factors that affect how much interest you pay Mortgages, auto loans, student loans and personal loans are typically amortized loans.
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