Loan Tips
Below are a few loan tips that will help you get started when looking for a loan:
- The lowest APR does not equate to the best loan deal as there
may be some clauses in the policy that incur additional costs
for you.
- Try and compare like for like quotes - Some providers base
it on monthly interest and most on APR.
- Make sure you do your research and don’t just pick the
first company in your local directory. Spend time and effort
on your research, after all the money you receive is going for
something you have always wanted.
- Look online for reputable companies as well, have look on their
website for their special deals as sometimes they are not advertised
anywhere else.
- Look for any incentives that may be offered such as ‘no
early settlement costs’, particularly useful if you know
finance will be available in a few months.
- Expect to pay more if you have a poor credit record
- Only take out Loan insurance if you really think you need it. Realise
the true cost of these products in advance. Look at what
these policies include and exclude before you take them out.
- Remember the APR offered can vary depending on how you make
your application, sometimes companies can offer a less favourable
rate for making a telephone application.
- Consider applying for your personal credit report before you
make any loan application otherwise it may be too late to potentially
fix any errors on it.
- Paying your loan of over the shortest possible period of time
will reduce the overall actual cost of the loan, but ensure you
have the means to fulfil the monthly payments.
- Ensure your loan suits your personal circumstances; ask yourself
what you need besides the lowest possible APR rate.
- Just because you are applying for very low APR it does not
mean you will be offered that rate.
- Read the small print and read it again before you sign off any paperwork.
Please choose a section below for more loan guide information:
