Rebuild your Credit for $75 months
Remember that accident or speeding ticket that you that caused your insurance premiums to go through the roof? Well just as your insurance company raises your premiums based on risk, car loan lenders use the same principles. If you have had some trouble with your credit along the way, Credit card companies and other lenders will raise your rates based on the associated risk.
The good part is that just as your insurance rates decrease as you clean up your record, you have the same chance to do the same with your interest rates but in some cases, much faster! Right now there are several lenders offering Automotive finance programs that will allow for deep rate reductions after making your payments clean for just 10 months. The cost to rebuild your credit could be less than $75 per month. Consider that a $15,000 loan financed at 8.75% for 60 months costs $309.56 per month. This would be considered a standard finance rate. A current automotive lender providing bad credit car loans has as product offering 17.95% on qualifying credit. If we used the same terms as above and used the 17.95% interest rate, the payment would be $380.49. The difference between the payments is just over $70 per month. Consider that you can only lower your insurance premiums after an extended period of clean driving; the same applies to your credit. You can only lower the interest rates you are charged for credit products by maintaining an extended period of clean payment activity. Spending $75 a month on rebuilding your credit not only gives you a chance to eventually lower the interest rates charged on all of your credit, it also gives you a chance to drive a vehicle suitable to your current needs.
Now that you have established your new clean credit history, you can now be in a comfortable position to consider purchasing a house, saving for your children’s education, saving for your retirement and relieve the day to day stress that is associated to having bad credit. Good luck rebuilding your credit. Believe me, it will be one of the most personally rewarding achievements of your life!
