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Credit Comparison

There is a price to pay for having less than perfect credit and that 
price is reflected in down payments and interest rates.  Those with 
credit issues have to pay higher down payments and/or interest 
rates.  They end up paying more the same item or service than those 
who have good credit.  Below is a chart to help illustrate the money 
you save by having good credit.

Example:  $20,000 Car/5-year term 

Credit
 Interest
 Payments
 Total
Bad
 15%
 $475.80
 $28,548
Good
 5%
 $376.60
 $22,656
Difference
 10%
 $102.20
 $5,892


As you can see the difference is substantial.  The monthly savings of 
$102 can be put back in your pocket or used toward something else.  
And just imagine with what you can do with the extra $5,892 that you 
save over the length of the loan.  And this is a conservative 
comparison.  With incentives and special interest rates, the savings 
can grow even more.

Now lets take a look at good -vs- bad in regards to buying a home.

Example:  $125,000/30-Year Term  


Credit
 Interest
 Payments
 Total
Bad
 10%
 $1,097
 $395,100
Good
 6%
 $750
 $270,000
Difference
 4%
 $347
 $125,100


Once again the savings are substantial.  The money you save by 
having good credit and the lower interest rate is more than the 
original price of the house.  Once again this is a conservative 
comparison and does not mention the money that will be required for 
the down payment.  Bad credit will generally require an average of 
20% down versus 5% or even zero down.

At Mister Good Credit we will help you get those lower interest 
rates and down payments, which will keep money in your pockets. 
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