What are 3 consequences of having low credit when trying to buy a car or home?

When someone has a low credit score at the time of buying a car or a home, the credit facility for such purchase will be offered by any bank to such person with higher interest rates, affect his credit score further and will also lead to rejection of application for such loan.

What are the effects of a low credit score?

When a credit score is low, the creditability of such person is also lowered in the market and the financial institutions do not offer attractive terms of credit to such person.

When a person who tries to buy a house or a car with a lower credit score, the effects and consequences of the same will be;

Banks will charge higher interest rates on the loan or advance offered.
The period of loan or advance will be lesser.
In worse case scenario, banks will reject his loan application.

Hence, it can be stated that having a low credit score when purchasing a car or a home will lead to the consequences as aforementioned.

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