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The Cost of Bad Credit: Car Loans
To figure out how much bad credit scores can cost you, we’ve used FICO’s credit savings
calculator; it’s the same tool we’ll use to calculate mortgage prices, too.
The following numbers are based on a 60-month, $10,000 car loan for a Florida resident:
Interest Paid Above
FICO Score APR Interest Paid Monthly Payment
Best Credit
720-850 3.567% $933 $0 $182
690-719 4.94% $1,036 $103 $188
660-689 6.604% $1,769 $836 $196
620-659 9.923% $2,541 $1,608 $209
590-619 13.996% $3,960 $3,027 $233
500-589 14.653% $4,165 $3,232 $236
The Cost of Bad Credit: Mortgages
When you look at how your credit scores affect your mortgage, the differences are more
drastic because there’s a lot more money and time involved.
The table below is based on a $300,000, 30-year fixed-rate mortgage in California:
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