What Is the Prime Rate?

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The prime rate generally refers to the rate that banks are willing to loan to their most credit-worthy clients. Find out why prime rate is difficult for the average consumer to get with help from a licensed insurance agent in this free video on retirement planning and personal finance.

Part of the Video Series: Retirement Planning
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Video Transcript

Hi, my name is Bill Rae. I'm a licensed agent, and I have been in the finance field for well over two decades. The question is 'What Is Prime Rate?' That is an excellent question. Prime rate generally refers to the rate that banks are willing to loan money to their most credit worthy clients. Prime rate, for the average consumer, is extremely hard to get. Prime rate is the best rate that you can get, so does your credit affect your interest rate? You bet. Once again, however, prime rate is the rate that banks are willing to loan their very best, wealthiest, credit worthy clients. My name is Bill Rae, and I'm helping you build wealth.

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