10/17/2023
How important is Credit?
Having poor credit can end up costing you thousands of dollars in interest cost
.. Let me explain...
You go into your local dealership needing a new car, the car is $20k. Your credit is in the 500s. You'll probably need a decent down payment to even get into the car, but you were able to get financed
Interest rate comes back at 12%. That payment is going to cost you $444.89 at 12% interest rate. After your term of loan you've paid almost $6700 in just interest.
V's your in the 700 club with your credit. Rate comes back at 3.5% You dont need down payment, payment is only $363.34. Interest cost is $1830 Which saves you $4863 over the term of your loan.
Need help to get to the 700 club??? Schedule a free consultation today!