The Credit Builder Loan is a new product designed to help you save money on loans by establishing a good credit history or improving a poor credit history.
The better your credit history is the lower your loan rates will be. For example, if you borrowed $25,000 for a 5 year new car loan with a poor credit history your payments would be $492 per month. The same loan with a good credit history would have payments of $463 per month. The good credit history would save you $1,740 in interest over the 5 year loan. Consider a 30 year mortgage loan for $100,000. The difference between paying 4.25% interest and 4.75% interest will save you more than $10,700 over the life of the loan. It definitely pays to have a good credit rating.
If you are planning to buy a house our new Credit Builder Loan is a great way to improve your credit rating while you save for a down payment.
Call or stop by our loan department today to find out more about our new Credit Builder Loan.