Granted, good credit is not the same as good income.
Nobody is selling you on the idea that good credit will allow you to afford the Lykan Hypersport that costs $3.4 million and comes with your choice of rubies or diamonds in the its headlights, along with gold stitching across the seats.
Even a lawyer’s salary won’t buy you the Hypersport. Unless you’re a cop in Abu Dhabi. Then you’ve got a chance.
But for everyone else, buying the car of your dreams requires diligence, a game plan, and thrifty financing.
Don’t underestimate how much bad credit costs you when it comes to auto loans. None of us want to do math in our spare time, but let’s do some critical “how these numbers affect you” math anyway.
Let’s say you want to live out the dream of being Dominic Toretto, and you saw that 1970 Dodge Charger on ebay that looks good-credit affordable.
If you were to ask for a $25,000 auto loan, a credit score of 580 will mean higher interest, which means more money out of your wallet per month. With an interest rate of, say, 19%, that’s $584 a month.
Conversely, that same $25,000 auto loan with a credit score of 720 (which is just above the national average) will mean an interest rate of around 2.9%. Which means $379 per month.
A payment of $584 versus $379 per month adds up. It’s hard to calculate what we save, but that’s what the credit repairmen are for. Over the course of this auto loan, the difference between good credit (720) and bad credit (580) is $14,810!
How much is good credit worth? Well, there are really only two ways to look at it. Either you fix your credit, and have the freedom to choose your own ride. Or you don’t, and let the crude salesmen decide which keys you deserve.
For Free Credit Repair Evaluation to afford an auto loan on your favorite Vin Diesel sports car , Give Us a Call at 210-520-0444