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Cost of Credit Comparson


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 Score)
$15,000.00 - 30.00% loan over 60mths   
$14,118.00 - Total interest paid full term


Potential Savings

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 Credit

$9,123.60 Savings in Interest

We help you keep your money in your pocket!!


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