Credit Restoration

iStock_000021963828XSmallHOW IMPORTANT IS CREDIT TO YOU?

You can get better interest rates and financing options for your car, home, business and insurance. Better career opportunities can be obtained with a good credit score, since this proves your employer (like the Federal Government) that you are trustworthy.

 

AUTO FINANCING EXAMPLE:

 

WITH EXCELLENT CREDIT:

A credit loan on a $20,000 dollars car at an interest rate of 5.9% for 5 years and a $0.00 down payment (The famous “NO MONEY DOWN”) will actually cost you $3,145.33 on interest alone, meaning that for a $20,000.00 vehicle you end up paying $23,145.33  this is ONLY if you have an excellent credit history.

WITH BAD CREDIT:

The same $20,000  car financed at an interest rate of 17.9% for 5 years and $0.00 down payment, will generate more than $10,412.38 just on interest payments. Meaning that for that $20,000.00 car you end up paying a scary $30,412.38 plus what ever the car has depreciated.

 

HOME FINANCING EXAMPLE:

 

WITH EXCELLENT CREDIT:

A home mortgage loan of $50,000 for 30 years at an interest rate of 6% will cost you $57,000.00 just on interest payments, meaning that on that $50,000 home you will actually  pay $107,000.

WITH BAD CREDIT:

The same $50,000 home mortgage loan at a 12% interest rate will generate $135,000.00 on just interest payments, meaning that you will end up paying the scary amount of $185,000.00. No wonder why only people with excellent credit scores can actually afford better houses and add a pool to them.