Have you ever wondered what the difference an APR/interest rate or term can make on loan financing? We have done the math for you! The following are fictitious scenarios to demonstrate what the monthly payments would look like.
By the numbers:
$25,000 for 60 months
at 6.25% APR = $486.23
at 6.99% APR = $494.91
.74% APR difference = $8.68 difference per month
$25,000 for 72 months
at 6.85% APR = $424.43
at 7.59% APR = $433.34
.74% APR difference = $8.91 difference per month
Credit Union of Denver versus competitor:
CUD $25,000 for 60 months
at 6.25% APR = $486.23
Competitor $25,000 for 60 months
at 6.74% APR = $491.97
CUD $25,000 for 72 months
at 6.85% APR = $424.43
Competitor $25,000 for 72 months
at 7.34% APR = $430.32
If you would like to run some numbers to see what would work best for your budget, give our loan officers a call! 303.202.5659