The August car sale is coming up soon! In my last blog about the sale I let you know about some of the sweet deals that will be offered like a 1% auto loan rate discount. Today I wanted to break down what a 1% loan rate discount actually looks like in dollars and cents, so I turned to a Michigan First loan expert for the numbers.
Here is an example of how much 1% can actually save you:
A $10,000 loan with a high interest rate of 18.99% puts the payments at $259.57. Over the life time of that loan you will actually end up paying $15,573.56. (WOW, credit scores are important!)
But if we take that same $10,000 loan and give it a discounted loan rate of 17.99%, the payments become $250.19 and the life time payment of the loan goes down to $15,244.61. That’s a savings of $328.95!
As a First Gear member you already receive that 1% auto loan rate discount any time of the year but during the car sale you get an additional 1% auto loan rate discount. This means, you get double the savings! If you are in the market to buy a car and want to have a positive, one day car buying experience, get pre-approved for your auto loan today and save yourself a lot of money buy shopping at our summer car sale at Michigan First on August 13th and 14th.
Have any questions? Feel free to ask.
Keeping it Fresh Young & Free,