10/06/2020
If you think about how much you can save over your lifetime having a good credit score versus someone who has bad credit, it can be in the tens of thousands
Imagine you try to finance a car.
Having an ‘ok’ credit score, can land you an interest rate of around 6% on an auto loan for 5 years
If you have a good credit score, you would get a rate around 3%.
The same $10,000 loan will cost $180 per month and $780 in interest for 5 years!!! That’s a savings of $819!
What could you do with an extra an $819??
Say a poor credit score lands you a 6% interest rate on an auto loan for 60 months.
A loan of $10,000 will cost $193 per month and $1,600 in total interest for 5 years.
What if a good credit score gets you 3% interest?
The same $10,000 loan will cost $180 per month and $780 in interest for 5 years.
That’s an interest savings of $819!
