How Your Credit Score Affects The Cost Of A Car
Brand New Toyota Camry
$23,000 (66 Month Term)
John and Jane have 2 different credit scores and want the same car. Here's what it will cost each of them:
|
John Credit Score: 730 Interest rate: 1.99% Payment: $368.22 Total Interest Paid $1302.39 Total payments: $24,302.39 |
Jane Credit Score: 599 Interest rate: 14.99% Payment: $513.97 Total Interest Paid $10,921.44 Total payments: $33,921.44 |
In this real-life example, Jane pays $9,616.05 MORE than John for the same car and price! This same thing happens with your credit cards, mortgage, loans, etc. Cleaning up your credit will lower your bills and save hundreds of thousands of dollars! With not only cars, but all other expenses.