How Do You Get Lenders To Offer Their Lowest Loan Rates

How Do You Get Lenders To Offer Their Lowest Loan Rates



How Do you​ Get Lenders to​ Offer Their Lowest Loan Rates?
When it​ comes to​ obtaining loan quotes consumers want the​ answer in​ simple,​ plain English,​ i.e .​
‘the bottom line’ .​
However,​ the​ problem we all encounter is​ that trying to​ find out the​ ‘bottom line’ can often be as​ painful as​ pulling teeth.
Let’s take the​ APR,​ for example .​
On the​ surface,​ this seems like the​ most obvious and simplest way of​ determining whether or​ not lender a​ is​ likely to​ be cheaper than lender B and,​ therefore,​ that should make our decision easier,​ shouldn’t it .​
Errm….well,​ no not really.
Lenders are becoming savvy that,​ as​ consumers,​ we’re likely to​ shop around for the​ cheapest loans deals and they’re also aware that one of​ the​ key indicators when we’re doing our comparisons is​ the​ APR .​
But therein lies the​ problem .​
If you​ ever see their tempting advertising,​ you’ll no doubt be familiar with that all important little word they include before the​ APR – typical .​
Well,​ typical means that they only have to​ ensure that two thirds of​ all applicants are offered the​ typical APR .​
But,​ what if​ you’re in​ the​ other third? Quite often you​ might contact half a​ dozen lenders as​ you’ve been attracted by their APR to​ find that the​ loan quotes you​ are given are higher than the​ rate advertised.
So,​ depending on​ your credit rating,​ you​ may find you​ get the​ advertised APR or​ you​ may find that you​ can still have a​ loan but only at​ a​ considerably higher APR or​ you​ might even find that you​ are refused altogether.
OK,​ so you’re accepted onto the​ typical APR .​
You’ve made all of​ your loan quotes comparisons and you’ve come up with a​ lender that’s the​ cheapest .​
But are you​ sure they are the​ cheapest?
Well,​ have they told you​ about any redemption penalties that you​ may have to​ also pay in​ addition to​ the​ specified monthly repayments should you​ have the​ audacity to​ repay the​ loan early? What about payment protection insurance? They may insist that you​ have to​ take that out with them too in​ the​ event that you​ find yourself temporarily unable to​ meet your repayments .​
Have you​ factored that into your loan quotes?
Consumers need to​ be extremely wary of​ the​ underhanded,​ yet perfectly legal,​ tactics they’ll employ to​ entice you​ into choosing them as​ your lender .​
However,​ instead of​ asking for loan quotes comparisons,​ you​ should start adopting the​ mindset of​ asking for the​ bottom line – i.e .​
the total amount you’ll have to​ repay over a​ determined period and how much that breaks down month by month and,​ if​ there are any clauses or​ conditions attached .​
In asking these questions,​ you​ can start unravelling the​ ‘mystery’ of​ loan quotes to​ ensure that you​ get yourself the​ best deal possible.




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