07/31/2017
Stop overpaying in interest!!! Here is something to think about...
2 people go to buy the same car - the same year, model, make, etc.
Let's say it costs $20,000 for the car and both John and Joe finance the car for 60 months (5 years)
John has good credit. Joe has not-so-good credit.
John gets approved for the loan at a 1.9% interest rate. His monthly payments are $350 and the cost to finance the car is $981.
Joe gets approved for the same loan but at a 18% interest rate. His monthly payments are $508 and the cost to finance the car is $10,472.
Same car, same price tag. Because John had good credit he was able to save over $150 on his car payment and almost $10,000 in finance charges vs. what John is paying.
What would you do with an extra $150 a month?