HOME LOAN COMPARISION
Below Average Credit |
Strong Credit Report |
30 year fixed |
30 year fixed |
$100,000 |
$100,000 |
10% rate |
5% rate |
$877.57 |
$534.87 |
Savings of $342.70 per month!
AUTO LOAN COMPARISON
Below Average Credit |
Strong Credit Report |
15.9% |
7.99% |
72 months |
72months |
$20,000 |
$20,000 |
$435.45 |
$351.68 |
SAVINGS OF $83.77 per month!
As you see above, the savings between the auto loan payment and the home loan payment, is $361.47 savings per month,
Now, do I have your attention?
It is a no-brain er to realize that spending some time and effort getting your credit report in order is definitely worth it! Between saving $83.77 on the auto payment, and saving $278.02 on the home payment that is a total savings of $361.79. A raise in your credit score can easily be equal to receiving a pay raise of $2.67 per hour!
When considering these savings, keep in mind that these are only two of the main items that are affected by your score, there are many other payment amounts that are affected by our score that we have not yet mentioned. Credit card rates and auto insurance are not even factored in this savings. Money saved is definitely money earned.
When you actually visualize on paper the amount of money having a good credit report can save you, it becomes a bit more apparent how it is that another person with the exact same job and pay can have so much more and seem to afford it with ease!