Your interest rates can make or mar you.
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Total Amount Paid (at the end of the lifecycle of the Loan Payment) =
Loan Amount + (Interest Rate*Loan Amount)
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So your interest rate can literally run very high, especially depending on your loan amount.
The bigger your loan amount, even a ~2% rate could be relatively impactful.
Another pointer here is how often the interest compounds. This is called “Compounding Interests” …we’ll touch on this on a different post.
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Before you pick up that new Lamborghini or that castle AKA Mortgage/Dream Home, make sure to:
1. Up your credit score to the extent possible
2. Take time to *Shop Around Aggressively* for solid interest rate options!
You may never know what options are out there if you don’t look.
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Blog: www.thep418millennial.wordpress.com
