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29 July, 18:34

What best explains the relationship between a borrower's credit score and a down payment requirement?

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Someone with a high credit score may be required to make a higher down payment.

Someone with a high credit score may be required to make a lower down payment.

Someone with a low credit score may be required to make a lower down payment.

Someone with a low credit score may not have to make a down payment.

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  1. 29 July, 19:00
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    Someone with a high credit score may be required to make a lower down payment.

    Explanation:

    A high credit score arises when a customer has a history was repaying his debts promptly. The customer does not default on payments. Someone with a high credit is considered a low-risk borrower by lenders.

    Someone with a high credit score is less likely to default on repayment. Lenders or banks will not demand large deposits from customers with a high credit score as they pose low risks to the bank. Their probability of repaying the loan on time is high.
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