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.

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