How Worsening Credit Could Increase Your Car Costs (Infographic)
In our Nevada credit-rating study, we looked at how having a worsening financial track record could significantly increase the cost to insure a car in Nevada. In the infographic below, we go through how worsening credit could affect the overall cost of owning and maintaining a car. According to the data we collected, going from having the best possible credit history to one that's average or neutral could end up costing you an extra $920 a year in car costs — $492 of that comes from having a higher interest rate on your loan, and the other $428 comes from a spike in insurance premiums due to a worsening credit history.
Check out the infographic to learn more about your odds of paying more after a credit downgrade, and click here to read the full study on how much credit standing can affect Nevada auto insurance prices.
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