When your credit score is good you will have a much easier time qualifying for a loan. But when your score is bad, the opposite is true and you will have a harder time qualifying for a loan. You will likely pay a higher interest rate when you do get qualified.
But what is a good credit score and more importantly how can you achieve one?
Credit scores range from 300 to 850 and a higher score is definitely better. The higher your credit score, the easier time you will have getting qualified for a loan. You will also generally pay a lower interest rate on your loan when your credit score is high, and this equates to genuine (and often significant) savings over the life of your loan!