20/10/2025
There is now other team we would use!🚘🚕
The 700 Score Advantage: Saving Tens of Thousands on Your Next $50,000 Car!
Thinking about driving off the lot in a new car? If you’re buying the average $50,000 vehicle today, the difference between a 700 FICO Score and a 600 FICO Score can change your financial life for the next decade!
A 700 FICO Score places you in the "Good" range, signaling to lenders that you are a lower credit risk. A 600 FICO Score, however, falls into the "Fair" to "Poor" category, meaning lenders view you as higher risk.
When lenders assess risk, they offer rates accordingly. A higher score means a lower interest rate on your auto loan, which is crucial for saving money over time.
The 10-Year Calculation: The True Cost of Interest
While both borrowers get the car, the total cost difference is dramatic.
On a $50,000 car loan stretched out over 10 years, the higher interest rate assigned to the 600 borrower means they will pay thousands, potentially tens of thousands, of dollars more in interest compared to the borrower with the 700 score.
This difference in total cost is money that the 700-score borrower keeps in their pocket or invests toward greater financial security. Shopping around for a loan when you have a strong score is key, as securing that lower interest rate can save you a significant amount over the life of the loan.
How to Fly High with Your Credit Score:
If your score is currently closer to 600, remember that credit improvement is a process of patience and persistence. Your credit score is calculated primarily based on two factors:
1. Payment History (35%): ALWAYS PAY your bills on time. No late payments!
2. Amount Owed (30%): Keep your total debt owed low, specifically aiming for credit utilization under 30%.
The best time to start improving your credit was before you needed it. The second-best time is NOW!
