top of page

Importance of Credit Scores

Writer's picture: Stevie SwainStevie Swain

I was talking to my local bank recently about getting a used car loan for a car I wanted to purchase for my daughter.


Found a sweet 2012 Toyota RAV4 with low mileage that I knew would be perfect for her busy lifestyle. And was curious on what my bank was proposing for interest rates, based on credit scores. Here's what they posted online today for used car loans for up to 66 months:


Credit Score: 720+ Interest Rate: 4.44%

Credit Score: 680-719 Interest Rate: 5.19%

Credit Score: 640-679. Interest Rate: 7.19%

Credit Score: 600-639 Interest Rate: 10.19%

Credit Score: 550-599 Interest Rate: 13.19%

Credit Score: below 550 Interest Rate: 16.19%


So this is a reminder to everyone's financial well being that your credit score is extremely important to your bottom line. Why would you pay 13.19% when a little bit of work on your credit could improve your score, and then change your interest rate by 3, 4 or 6 points?


How do you improve your credit score? Talk to us. As financial experts, we can help guide you toward financial health. It's your money. Protect it. Contact Swain Consulting LLC at Stevie@swainconsultingllc.com




16 views

Comments


As Seen On:

SWAIN CONSULTING

Email:      Stevie@swainconsultingllc.com

Phone:    513.418.3882

Address: 5252 Barkwood Drive

                West Chester, OH 45069

rep 3.png
US-Senate-UnofficialAltSeal.svg.png
aviation.jpeg
usblackchamber2.png
wpost.png
miami herald.png
chicago_tribune.jpeg
myfedbenefits-logo.png
cnn.png
abc.png
nbc.png
fox2.png

Associated with:

  • Facebook Social Icon
  • LinkedIn Social Icon

Member of:

BBB-logo 1.png
MBE logo.jpeg
2020cusarclogocol132x53.gif
economic inclusion full.jpg

©2024 by Swain Consulting, LLC. All Rights Reserved.

bottom of page