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There are numerous reasons why you may need to take out a loan. Maybe you are trying to buy a house or even consolidate your debt. Whatever the reason, you will want to get the best loan rate you can.
Your loan rate is the amount of APR that comes attached to a loan. APR or Annual Percentage Rate is basically the amount you will pay every year you have a particular loan. It is a culmination of the interest rate you received on the loan along with charges and fees that you paid upfront. The lower the APR the better the loan rate and the less you will pay.
How to get the best rate on a loan
See what loans you can afford
The first thing you want to do when looking to apply for a loan is to decide how large of a loan you need and how much time you need to pay it back.
For many, this can be tricky which is why we have created a Loan Affordability tool. Our tool brings what currently happens with lenders today directly to you so that you have the ability to understand exactly how lenders view you. It’s as simple as verifying your information, connecting to your bank, and from there you can see what loans you can afford. All of which we show in easy to read scales and scores. You will also receive the ability to view all of your past, present and future in Loan Affordability terms.
Check your credit score
It’s simple, the better your score, the better your chances are of acquiring a loan. It also increased your chances of acquiring a loan with a good interest rate.
At ScoresMatter you can check your credit score and report. We also provide tips and posts on ways you can improve it.
Don’t Apply for numerous loans at the same time
When you apply for a loan, lenders have to do a hard search on your credit report. These hard searches are quite noticeable in your file.
Of course, you need to apply for loans so you can receive a loan but it is important that you don’t apply for too many in a short period of time. Doing so could lower your credit score, which will make it difficult to acquire good loan options.
Educate Yourself on your options
No bank or lender is the same. For each one, there will be varying decisions across the board. So try not to jump the gun at the first loan you are offered as there could be a better option out there.
While it is good to find a loan with a low-interest rate there are other factors you should note. Some lenders may not let you pay back a loan early without added fees. This could lead to you spending more than you would like in the long run.
Take on a bigger loan
Usually, the bigger the loan you take out the less amount of APR lenders will charge you.
A lot of times lenders will use different APR brackets based on the amount someone is willing to borrow. Sometimes just by borrowing a little bit more, lenders will place you into a bracket with a lower APR.
Confirm that a Loan is the best option for you
A loan can be a long-term commitment. By having one, you are forced to pay a certain amount of money with interest that you may not be able to pay off early without added fees.
If you aren’t looking to borrow a large amount of money consider taking out a credit card.
Using a credit card could give you a bit more freedom. You can borrow money when you need it and pay it back as quickly as you’d like. You can also look for credit cards that offer 0% interest offers. As long as you make your repayment and pay it off before the offer runs out there won’t be any extra charge.
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Tap into the digital you at ScoresMatter and gain insight into the information you need to make the smartest loan decisions.