« Previous Post | Blog Home | Next Post »
The Price You Pay For Less-Than-Stellar Credit
Posted on Jul 2, 2007 by Michelle Pastor
Here’s a great blog posting by the Silicon Valley Blogger on the Digerati Life website.
The blog goes through examples of what you’ll pay for a car when you take out a 3 year loan.
- $24,000 for someone who pays for it in full.
- $26,725.24 for someone with excellent credit, perhaps qualifying for the full loan with a 3 year term at a rate of 7.12%.
- $29,111.57 for someone with mediocre credit, taking out the full loan for 3 years at a rate of 13%.
- $32,109.33 for someone with poor credit for the full 3 year loan at a rate of 20%.
If you think this is a big price difference, remember that it is only a 3 year loan. Imagine what the difference is when you buy a home. The posting goes on to show the difference in what you’ll pay for a home and a home equity loan.
It’s a great eye-opener!
Filed under: Credit
Tags: credit, creditscore, interest
Comments
The Digerati Life on Jul 4, 2007
Thanks for the mention! :) I'm new to your site, will be checking it out!
Post a Comment