In this example of a vehicle loan, we are assuming a client credit score below 550 due to some challenges making payments in the past. The client follows best credit practices while on a CreditCare.ca contract for 24mths and raises their credit score above 620.
Cost of Credit
|Sub-Prime Finance (-550 Credit
|$15,000.00 - 30.00% loan
|$14,118.00 - Total interest
paid full term
The client uses a CreditCare.ca $10,000 contract at 8.90% rate for 24-months to achieve their 620+ credit score and qualify for a Prime Finance Rate of 7.50% on their 60mth, $15,000 loan:
|$1,960.20 - Cost of the CreditCare.ca program||Difference to you:||$14,118.00 (30% Sub-prime Loan)|
|$3,034.20 - Interest on 7.50% $15,000.00 Prime Loan||-$4,994.40 (CreditCare.ca & 7.50% Loan)|
|$4,994.40 - Total Cost of
||$9,123.60 Savings in Interest
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