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
||Prime Finance (620+ Credit Score)
|$15,000.00 - 30.00% loan
||$15,000.00 - 7.50% loan
|$14,118.00 - Total interest
paid full term
||$3,034.20 - Total interest paid full term
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
||$9,123.60 Savings in Interest
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