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Home » Cost of Bad Credit

Cost of Bad Credit

Cost of bad credit

The cost of bad credit is high! It will cost you significantly more for everything you purchase, when compared to someone who has good credit. We have prepared a comparison using typical differences in a rate for the payment of a mortgage and for an auto loan. This comparison is only comparing the difference in the typical spread in the rate. This is not to be considered a current market rate or an offer.

Example: 30-year mortgage for $150,000

Mortgage $150,000 – 30 Year Term
Credit Rating Good Credit Bad Credit Ugly Credit
Interest Rate 6% 7.5% 9%
Monthly PPI $899.33 $1,048.82 $1,206.93
Extra Cost/Mo – $149.49 $307.60
Extra Cost/Yr – $1,793.88 $3,691.12
5 Year Cost – $2,138.40 $5,383.20

 

Example: 60-month Auto Loan for $15,000

Auto Loan $15,000 – 60 Month Term
Credit Rating Good Credit Bad Credit Ugly Credit
Interest Rate 5% 10% 17%
Monthly PPI $283.07 $318.71 $372.79
Extra Cost/Mo – $35.64 $89.72
Extra Cost/Yr – $427.68 $1,076.64
5 Year Cost – $2,138.40 $5,383.20

Bad Credit can also affect:

  • Insurance rates on auto and home
  • Job Opportunities
  • Credit card rates
  • Cell phone and other utilities (deposits to start activation, or declined)
  • Home and auto purchases

We realize you probably already know the cost of having bad credit, otherwise you wouldn’t be searching for a solution. However, we feel once you see the difference you may act on it, if not with us, at least do it somehow.

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