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Cost of Credit Comparson


In this example of a vehicle loan, we are assuming a client credit score of 550 due to some challenges making payments in the past. The 2 calculations below show the difference repairing your credit can. There is an assumption the client follows best credit practices while on the CreditCare.ca contract for 24mths and raises their credit score from 550 to above 620.


Cost of Credit

Sub-Prime Finance (550 Credit Score)

Prime Finance (620+ Credit Score)
$15,000.00 - 30.00% loan over 60mths   

$15,000.00 - 7.50% loan over 60mths
$14,118.00 - Total interest paid full term

$3,034.20 - Total interest paid full term


Potential Savings

Our example client used a CreditCare.ca $10,000 contract at 8.90% rate for 24-months to achieve their 620+ credit score. The comparison numbers would be:

$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% Prime Loan
-$4,994.40 (CreditCare.ca & 7.50% Loan)
$4,994.40 - Total Cost of Credit  

$9,123.60 Savings in Interest

We help you keep your money in your pocket!!


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